Clean Seas Seafood Reports Negative Cash Flow of $424,000 for the September 2017 Quarter

Clean Seas Seafood Limited (ASX: CSS), the global leader in full cycle breeding, production and sale of Yellowtail Kingfish, has presented its Q1 FY18 cash flow report and provide an update on business progress.

The Company achieved continued sales growth at higher farm gate prices than Q1 FY17, with the large fresh farm gate increasing by $2.31 per kg to $13.58 per kg. The ‘large fresh’ category represented 62% of Clean Seas’ volume and 69% of the Company’s revenue in Q1 FY18, reflecting growth in frozen products also at significantly higher farm gate prices.

The September quarter cash flow report highlights $1.3m positive cash flow from operations, up from $0.4m positive in Q1 FY17, reflecting the continued underlying improvement in the fundamentals of the business and some seasonal timing differences. Capital expenditure of $1.6m in Q1 FY18 mainly related to the new in-house processing facility.

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