A year since listing on the stock exchange, Augusta’s Ocean-Grown Abalone is going from strength to strength.
The company reported an annual profit of $2.4 million this year, and completion of important infrastructure work — as well as a pending development in Esperance — has helped the Augusta Boat Harbour-based operator deliver 95 per cent of its products to markets in China and South-East Asia.
Managing director Brad Adams said the extension of business plans to Esperance and the abalone “ranch” off Flinders Bay positioned the company well.
“OGA now has all the elements in place for future growth and profit: a new processing facility to handle greater harvest volumes, a new development in the pipeline at Esperance and a substantial increase in abalone biomass at our Flinders Bay Ranch,” he said.
The company said its new processing facility streamlined production at the boat harbour, making dive operations and harvesting more efficient.
The financial result would “see the business really grow and bring in revenue” for investors.
The Esperance plan would develop a separate abalone hatchery and grow-out facility, Mr Adams said. “Subject to satisfactory results in the feasibility study,” Mr Adams said, “achieving all the necessary approvals and with shareholders’ support, the Esperance development is expected to be one of the most significant onshore abalone developments in Australia, in an international marketplace, placing Australian food products in high regard.”