Murray Cod Australia Doubles Woolworths Reach Amid 45% Sales Surge

Strong Sales Momentum Signals Commercial Inflection

Murray Cod Australia Ltd (ASX, MCA) has kicked off FY26 with impressive momentum, reporting a 45% increase in sales compared to the prior corresponding period. This growth reflects both an increase in production throughput and expanding customer demand across domestic and international markets. Cash receipts also rose by 30%, underscoring the company’s improving revenue generation as it transitions from a biomass-building phase to sustained commercial operations.

Notably, the company highlighted a timing discrepancy between harvest and invoicing that slightly understates Q1 sales figures, with a major harvest invoiced just after quarter-end representing nearly 28% of September’s total tonnes sold. This suggests underlying operational activity is even stronger than reported.

Market Expansion and Distribution Gains

Domestically, Murray Cod Australia has doubled its Woolworths retail presence from 67 to 134 selected stores across New South Wales and Victoria, with deliveries already underway. This expansion is supported by a new distribution partnership with PFD Foods, which provides the logistical backbone for daily replenishment and scalability as production volumes grow.

Internationally, the company’s footprint is broadening rapidly. Sales in Hong Kong and Singapore surged 65% and 138% respectively quarter-on-quarter, while Vietnam continues to provide steady repeat orders. The recent achievement of Halal certification opens lucrative Middle Eastern markets, with active discussions underway and plans to showcase at Gulfood 2026 in Dubai. Additionally, approvals for live exports to China and re-engagement with European premium channels position MCA for diversified global growth.

Operational and Leadership Enhancements

Operational capacity is expanding with stocking underway at the Stanbridge site, adding 27 ponds to the company’s grow-out infrastructure. Hatchery upgrades at Silverwater and Euberta facilities aim to improve spawn quality and volume, supporting future production increases. Sustainability credentials are also advancing, with the BAP audit completed and certification expected in Q2 FY26, enabling access to institutional buyers and sustainability-conscious retail segments.

On the leadership front, MCA appointed Katherine Bryar as Chief Sales and Marketing Officer. Bryar brings over 25 years of experience in premium food marketing and international brand development, previously contributing to the success of notable aquaculture brands globally. This strategic hire, along with new sales management appointments, strengthens MCA’s capability to execute its ambitious growth and distribution strategies.

Financial Position and Outlook

The company successfully completed a $17 million capital raising during the quarter, attracting both existing and new institutional investors. These funds will support expanded harvest and processing capacity, sales and distribution growth, and infrastructure optimisation. Despite a net operating cash outflow of $6.4 million for the quarter, MCA maintains access to $19.5 million in available funding, providing a runway of approximately three quarters to continue scaling operations.

Looking ahead, MCA is focused on sustaining sales momentum, improving fish size distribution through the summer growth period, and securing long-term offtake agreements. The company’s strategic market diversification, from domestic retail and foodservice to international expansion, positions it well for continued revenue growth and operational leverage throughout FY26.