Salmon business, Tassal, has posted a 19.1 percent rise in net profit for the 12 months to June 2013, reaching $33.46 million.
Tassal's managing director and CEO, Mark Ryan, said the FY13 results indicate that the company's strategy to grow its domestic market are working.
"Growing domestic market per capita consumption has not only removed the company's historic reliance on volatile export markets, importantly it's enabled us to generate growing sales and margins. As a result, we are now sustainably generating both more sales dollars and dollars per kilogram from slightly less volume sold," he said.
Ryan added that the domestic growth in consumption, prompted by Tassal's successful marketing campaign, has allowed the business to strategically exit the lower margin export and contract growing markets.
"As a result, we have seen Tassal generate a greater overall operating profit and profit per kilogram from selling slightly less fish than 12 months ago. The company's growth over the past year continues the trend over the past three years with growing earnings, strong cashflows, reducing levels of debt, and a growing divident stream."
Overall, revenue was up 3.9 pecent to $272.81 million. Revenue in core retail and wholesale markets was up 17.8 percent and 11.9 percent respectively. Operating cashflows was down 1.3 percent to $49.72 million, which the company put down to a reduction in government grants by $2.88 million.
According to the AFR, Tassal hopes to double Australia's per capita consumption of salmon, which currently sits at 1.6 kilograms, by 2030.
"Somewhere between 2.5 and three kilograms per capita is where we need to be aiming. It's a realistic target," Ryan said.
Average consumption per capita in Britain is three kilograms, and closer to six kilograms in countries like Japan and Norway.
Earlier this year, Tassal was named the world's second best salmon farming company in corporate, social and environmental reporting, according to seafoodintelligence.com.