Ocean Harvest Technology Group PLC has released a trading update for the year ending 31 December 2023, reporting revenues of €3.4m, a 29% year-on-year growth in sales of its proprietary blended seaweed ingredient, OceanFeedTM, and an expected gross margin of over 37%. The company achieved significant milestones in the second half of 2023, including entering the Indian market and obtaining product registration in Brazil, setting the stage for further growth in 2024.
The company's outlook for 2024 remains robust, with anticipated revenue growth from various channels, including existing customers, new customers, and additional applications within its customer base. Despite potential shipping disruptions due to the Red Sea incident, the company does not expect a material impact on its 2024 outlook. Ocean Harvest Technology Group PLC also anticipates improved working capital and cash usage, which will be detailed in the full-year results.
In terms of management changes, Hadden Graham, the group's Chief Commercial Officer, has announced his retirement in 2024. Nico Stein has been appointed as the new Chief Commercial Officer, bringing over 20 years of experience in animal nutrition, feed & food additives, and pet food. Additionally, Chris Scott has been appointed as the Chief Financial Officer, joining from FrieslandCampina, where he served as the Finance Director for UK & Ireland.
The company expressed gratitude for Hadden Graham's contributions and welcomed the new appointments, highlighting their extensive experience in relevant industries. The transition period in 2024 is expected to benefit from Graham's continued support as a consultant. The company is set to announce its audited full-year results in late March, providing a comprehensive overview of its performance and future prospects.