Certification Delays Could Stall Murray Cod’s Market Expansion Ambitions
Murray Cod Australia reports a near tripling of biomass and strong sales growth in Q4 FY25, while advancing key certifications and expanding market reach.
- Biomass grows 298% year-on-year to 2,481 tonnes
- Q4 sales receipts up 33.5%, June sales up 46.6% year-on-year
- Processed fresh fish sales increase 32.3%
- Halal and BAP certifications targeted for Q1 FY26
- Expansion of domestic and international sales channels underway
Biomass Growth Accelerates
Murray Cod Australia Ltd (ASX – MCA) has reported a remarkable increase in its fish biomass, reaching 2,481 tonnes by the end of June 2025. This represents an 18% rise from March 2025 and a staggering 298% increase compared to the same period last year. This surge reflects the company’s successful long-term growth strategy, positioning it to meet rising demand and fully utilise its production infrastructure.
Sales Momentum Builds
The company’s sales performance mirrored its biomass growth, with total receipts for the quarter climbing 33.5% year-on-year and June alone seeing a 46.6% increase. Processed fresh fish sales also rose by 32.3%, driven by an average fish weight of 1.53 kilograms. Domestic markets, particularly New South Wales and Victoria, showed strong growth, with sales up 14.7% and 51.7% respectively. Notably, Murray Cod Australia’s presence in domestic supermarkets remains limited but is expected to expand in the first half of FY26 through additional Woolworths store rollouts and entry into the frozen HORECA sector.
Certification and Market Expansion
Key certifications are underway to support broader market access. Halal certification is progressing, contingent on final feed supplier approvals, which will open doors to Middle Eastern markets. The company is also pursuing Best Aquaculture Practices (BAP) certification, a recognized sustainability standard critical for expanding supermarket and travel industry sales in the Asia-Pacific region. Both certifications are targeted for completion in Q1 FY26. Additionally, Murray Cod Australia is negotiating larger offtake agreements and corporate partnerships, including premium travel and tourism sectors in APAC, aiming to strengthen its international footprint beyond the current 4% export sales.
Financial Position and Outlook
While operational cash flow remains negative, the company’s cash position is supported by financing activities, with $329,000 in cash and $16.4 million in unused financing facilities at quarter-end. Related party payments were disclosed, reflecting standard director fees and contractual arrangements. The board remains optimistic about FY26, emphasizing prudent capital management and a focus on scaling sales through existing and new channels. Operational adjustments are underway to handle increased harvest volumes efficiently while maintaining product quality.
Looking Ahead
Murray Cod Australia’s transition from biomass growth to sales rollout marks a pivotal phase. The company’s ability to secure certifications and expand distribution will be critical to sustaining momentum. Investors will be watching closely for updates on certification approvals, sales channel expansions, and the company’s progress in converting its substantial biomass into profitable revenue streams.
Bottom Line?
Murray Cod Australia’s strong biomass and sales growth set the stage for a critical certification-driven expansion in FY26.
Questions in the middle?
- Will the company secure halal and BAP certifications on schedule to unlock new markets?
- How quickly can Murray Cod Australia scale its domestic supermarket and HORECA distribution?
- What impact will international offtake agreements have on export sales beyond the current 4%?
