Australia's growing appetite for salmon has delivered a double-digit earnings boost for fish farmer Tassal.
The company lifted both revenues and net profit thanks to an increase in salmon consumption and strong domestic wholesale market sales.
Tassal's improvements in the growing and processing of fish, logistics and distribution also helped offset lower wholesale and export market prices.
"Tassal's domestic market strategy continues to deliver long-term sustainable returns as salmon per capita consumption continues to grow," chief executive Mark Ryan said on Thursday.
"Our focus on ensuring more efficient operations underpinned our performance this year as we streamlined processes right across our supply value chain."
Tassal lifted its net profit by more than 20 per cent to $49.9 million in the year to June 30, while revenues rose
Tassal said its growth strategy was now based upon salmon and seafood rather than salmon only, following its acquisition of De Costi Seafoods.
The acquisition had expanded Tassal's market opportunities considerably.
"We are confident that Tassal has the right foundations in place in its existing business and within De Costi Seafoods to successfully pursue the company's next growth phase," Mr Ryan said.
Tassal was now looking to benefit from the entire salmon and seafood value chain, through economies of scale and maximising the domestic consumption of seafood.
Tassal said the value of its biological assets - a key forward indicator of earnings - had increased by 18.1 per cent to $222.9 million.
Shares in Tassal finished seven cents lower at $3.66.
GROWING APPETITE FOR SALMON LIFTS TASSAL PROFIT
* Net profit: up 21.75pct to $49.992m
* Revenue: up 16.3pct to $309.79m
* Partly franked final dividend: up one cent to 7.0 cents a share.
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