Blue Sky Meats’ first quarter financial results have improved significantly, as presented to the company’s shareholders at its Annual General Meeting on Monday, August 21.
The first quarter of the new fiscal year has returned a net profit before tax of $844,000.
The results were presented by Blue Sky Meats CEO Todd Grave and chairman Scott O’Donnell at the AGM at Bill Richardson Transport World yesterday.
The company confirmed a loss for the year ending March 2017, but the Q1 results for the new fiscal year were encouraging and Grave was looking forward to building on those.
Grave was especially pleased with the result, when compared to the same period over the past two years, which has resulted in losses for the company.
“This has been the strongest and most promising start to the fiscal year we’ve had in a while,” he said.
“Strong international selling prices combined with the continuing gains from our strategic plan implementation, have placed us in good stead for the rest of the year.”
While in the past two years this time period has resulted in losses, this financial year, Q1 is showing solid progress, and returned a $844,000 profit.
“It’s very early days, but this is a promising result. The strategic plan gains are contributing directly to the bottom line of the business” Grave said.
Over the next three years, the company is working toward a potential $7.8 million profit gain from a new strategic plan, which also includes a series of projects to advance company performance.
The projects, which came around as part of an internal review, aim to strengthen the cornerstones of Blue Sky Meats’ business. The internal review of the company identified 22 key areas within the business that needed time and focus to improve operations.
Additional resource has been allocated to those projects, which will help drive the company toward a sustainable and profitable future.
During the AGM, attendees were treated to an array of presentations, including boning and cutting demonstrations, illustrating some of the behind the scenes workings at Blue Sky Meats.
Several cuts of meat were also prepared and cooked by The Grille’s chef, and served to those at the meeting.
“It was great to see so many people come and check out what we do,” Grave said.
“A lot of people tend to think of meat processing as not a particularly glamourous thing, but with having the various demonstrations, I think it’s been good for people to see how we fit into the chain of creating a final product.”
At this stage, Blue Sky Meats’ Q1 profits are unaudited, NPBT.