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East 33 issues harvest downgrade as harsh rainfall impacts oyster production volumes

  • In News
  • June 27, 2024
  • Sidra Surmed
East 33 issues harvest downgrade as harsh rainfall impacts oyster production volumes

The pandemic may have been detrimental to humans but the oyster population was not immune, decimating aquaculture company East 33 (ASX: E33) which is still navigating the rocky seas of recovery based on their latest trading update. 

August 2021 tested East 33 beyond their generational knowledge of harvesting oysters. The severe outbreak of an illness, made them not only go through health concerns but literally plagued their facilities to shut its operations. With major structural changes, that includes arrival of their new CEO and CFO, strategic and financial planning, that includes their active engagement with Yumbah finance, East 33 seemingly sailed through the storm. 

However, their recent trading update has shed light on other uncontrollable factors impacting their latest harvest – notably harsh weather conditions that have reduced their forecast harvest from 4 million oysters for the season to 3.4 million, a 15% downgrade. 

Fortunately for East 33, their existing stock remains strong, and biological assets exceed expectations due to deferred sales. This indicates that the company has a decent supply of oysters ready for market. Additionally, strong farm-gate oyster pricing and strong hatchery performance have managed to keep farming revenue on track with demands, mitigating the impact of lower harvest and anticipating a rebound strongly in FY25. 

East 33 conducted a strategic review in April 2024 that outlined the potential need for a lender waiver and additional capital to repay short-term debt to remain operational. To carry out the strategic review recommendations, the company needed to focus on a data-driven approach. 

East 33 is putting operational programs in place to help maintain stock levels, develop infrastructure, and further integrate the supply chain. Through strategic stock development opportunities, the farming network was able to materially increase on-farm biological value in support of future harvest volumes. Monitoring and mitigating these challenges was a core focus of the business going forward. 

Budgeting is also underway to provide a detailed picture of FY25. Long-term goals include enhancing senior leadership skills, maintaining revenue streams. 

For the quarter ended 31 March 2024, East 33 reported $6.5 million in customer receipts which was almost enough to balance a small net operating cash outflow of $626k. This was a comparative improvement on previous quarters, taking their 9-months YTD operating outflow to $3.3 million, ending the quarter with $985k of cash in the bank.

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Sidra Surmed
Sidra is a Business Writer with The Sentiment
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1 Comment

  • Shraddha13
    March 25, 2025, 9:35 pm

    Thank you for sharing! To explore further
    https://www.360iresearch.com/library/intelligence/linear-oyster-grading-machine

    Reply
  • About
  • Latest Posts
Sidra Surmed
Sidra is a Business Writer with The Sentiment
Latest posts by Sidra Surmed (see all)
  • Interest in captioning tech sees jump in earnings for AI-Media - August 29, 2024
  • Despite construction industry challenges, Duratec delivers earnings growth - August 28, 2024
  • AI-powered road safety solutions pave the way for Acusensus revenue bump - August 27, 2024

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  • About
  • Latest Posts
Sidra Surmed
Sidra is a Business Writer with The Sentiment
Latest posts by Sidra Surmed (see all)
  • Interest in captioning tech sees jump in earnings for AI-Media - August 29, 2024
  • Despite construction industry challenges, Duratec delivers earnings growth - August 28, 2024
  • AI-powered road safety solutions pave the way for Acusensus revenue bump - August 27, 2024
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