Ocean Harvest Technology Group PLC said on Monday that trading in its first-half was ahead of the prior year, and that the board remained confident of achieving market expectations in 2023.
Shares in the the Theale, England-headquartered producer of seaweed ingredients for animal feed were up 8.7% at 16.31 pence in London on Monday morning.
Ocean Harvest said that for its six months ended June 30 that investment in sales and marketing had increased 65% year-on-year, delivering product revenue of €1.6 million, from €950,000 in the same period the year before.
Ocean Harvest sold products to over 40 customers in the period, an increase from 30 customers during 2022.
‘The company has continued to expand its supply chain, sourcing new suppliers in new and existing markets for each of its key seaweed species,’ said Ocean Harvest.
The company said it has strong visibility for second half seaweed purchase volumes, and entered into a strategic arrangement with a supplier of brown seaweed that has guaranteed its supply at ‘attractive pricing’ for at least the next two years.
Chief Executive Officer Mark Williams said: ‘Having completed the initial public offering during this period, we are focused on the ongoing investment in research & development, sales and marketing and our supply chain to continue to drive this growth. We look forward to the future with confidence.’
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