27th Jan 2025 14:14
(Alliance News) - Ocean Harvest Technology Group PLC on Monday said it expects to report an annual decline in revenue, driven by order deferrals and non-recurring sales from the year before.
Ocean Harvest is a Reading, England-based researcher, developer and supplier of proprietary blended seaweed products as functional additives for the global animal feed industry.
The group said it expects to post revenue of around EUR2.1 million for 2024, falling 47% from EUR3.4 million a year prior.
This reflected "a combination of non-recurring commoditised single seaweed sales and the first half impact of a deferral of orders from OHT's largest OceanFeed customer, whose own production was temporarily negatively impacted by a natural distaster", Ocean Harvest said.
It added, however, that its second-half revenue was around 30% higher than the GBP831,000 reported for its first half.
Chair Ashley Head said: "Despite a challenging year, I am pleased to see much improved performance in H2 compared with H1 with significant growth in OceanFeed revenue. 2024 has been a year of many changes for the Company as it seeks to position itself for the future and in 2025 we expect to see the first material signs of these changes positively impacting the company's financial results.
"OHT is well placed for the year ahead and will continue to deliver on growing its customer base, investing in [research & development] where appropriate and building its supply chain to extend our position as the leading provider of blended seaweed additives to the animal feed industry. We look forward to significant progress in 2025 and will provide a further update with our full year results."
Looking ahead, Ocean Harvest expects to deliver "significant" revenue growth for 2025, alongside continued margin improvement.
The group will announce the release date of its full 2024 results "in due course".
Shares in Ocean Harvest were up 0.2% at 6.76 pence each in London on Monday afternoon.
By Emily Parsons, Alliance News reporter
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