Oceana (OCE) 1H23 – Results Snapshot

Diluted HEPS 298.6 cps (1H22: 126.2 cps).
Turnover growth +47.8% y-y (1H22: -10.9% y-y).
Dividend of 130.0 cps (1H22: 55.0 cps).
GPM down to 27.1%. (1H22: 27.2%)
Operating margin up by +310bps to 14.4% (1H22: 11.3%).
PBT % increased to 12.3% (1H22: 8.9%).
Expense to sales of 14.4% (1H22: 16.8%).
Strong revenue growth despite challenging consumer environment, which management attributes to a diversified business across species, geographies and locations.
Revenue growth driven by demand for less expensive protein options, as well as improved pricing especially for fish oil.