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Business Description: Tassal Group Limited (TGR) is the provider of Atlantic salmon in Australia. TGR’s operations, located in Tasmania, include hatching, farming, processing, sales and marketing of Atlantic salmon.
Strategy Analysis: TGR is the largest producer and marketer of salmon in Australia. The company operates in an industry characterised by many small operators and increased their market position with the acquisition of major competitor Nortas and Aquatas. This allowed TGR to benefit from operational efficiencies, economies of scale and reducing average cost of production. Salmon products attract a premium price in the markets in which it participates and this, combined with an improving cost of production, allows TGR to export profitably to regional Asian export markets.
Tassal Group reported NPAT up 22.1% to $15.83m for the half-year ended 31 December 2012. Revenues from ordinary activities were $134.97m, up 5.81% from last year. Diluted EPS was 10.74 cents compared to 8.81 cents last year. Net operating cash flow was $22.23m compared to $19.1m last year. The interim dividend declared was 4.5 cents, compared with 4.0 cents last year.
The Age 18/05/2013 |
As Australia's major retailers increase their online sales channels, pouring millions into their websites, they could face new competition from China's booming e-commerce industry.
The Age 18/05/2013 |
Most of those who take a political approach to the budget assume that if it's in deficit, the way you get it back to surplus is to cut government spending or, if you're a really bad person, increase taxes. They forget it's the budget itself that's supposed to do the heavy lifting.
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