Murray Cod Australia Ltd reported a 40% revenue increase to $6.69 million for H1 2026 but swung to a $4.06 million net loss, reflecting significant investments and operational expansion.
- 40% revenue growth to $6.69 million
- Net loss after tax of $4.06 million versus prior profit
- Successful $17 million capital raise in October 2025
- Retail footprint doubled via Woolworths expansion
- New CEO appointed, effective April 2026
Financial Performance and Operational Growth
Murray Cod Australia Ltd (ASX: MCA) has released its interim results for the half-year ended 31 December 2025, revealing a mixed financial picture. The company posted a 40% increase in revenue to $6.69 million, driven by expanded sales and operational scale. However, this growth was overshadowed by a net loss after tax of $4.06 million, a significant reversal from the $1.33 million profit recorded in the prior corresponding period.
The loss reflects increased costs associated with the company’s aggressive expansion strategy, including investments in infrastructure, hatchery upgrades, and market development initiatives.
Capital Raise and Retail Expansion
In October 2025, Murray Cod Australia successfully completed a $17 million capital raise, bolstering its balance sheet and funding key growth projects. This capital injection supported the doubling of its retail footprint through Woolworths, expanding from 67 to 134 stores across New South Wales and Victoria. Distribution is facilitated by PFD Foods, enhancing the company’s supply chain reach.
Operationally, biomass increased by 12% to 2,787 tonnes as of December 2025, with additional ponds stocked at the Stanbridge site, raising grow-out capacity to 108 ponds. Hatchery upgrades at Silverwater and Euberta were completed, underpinning future production growth.
Certifications and Market Access
Murray Cod Australia achieved Halal certification, opening doors to Middle Eastern markets, and secured Best Aquaculture Practices (BAP) 3-star certification, reinforcing its commitment to sustainable and responsible aquaculture. The company also gained approval for live exports to China, marking a strategic milestone in international market development.
Leadership Transition
Post-reporting period, the company announced significant leadership changes. Ross Anderson stepped down as Managing Director and CEO in February 2026, with directors Mathew Ryan and George Roger Commins serving as interim Joint CEOs. Steven Chaur, a Non-Executive Director, has been appointed as the new Managing Director and CEO, effective 20 April 2026. This transition signals a new chapter as the company seeks to stabilise leadership amid its growth phase.
Balance Sheet and Going Concern
The company’s net tangible assets per share improved markedly to $0.89 from $0.09 a year earlier, reflecting the capital raise and asset revaluations. Despite the loss, directors maintain a going concern basis, confident in the company’s ability to meet its obligations and continue operations. The balance sheet shows increased borrowings, including a $20 million term loan facility secured by land and water rights, supporting ongoing capital expenditure and working capital needs.
Bottom Line?
Murray Cod Australia’s strategic investments and market expansion come at a cost, with leadership changes poised to shape its next phase.
Questions in the middle?
- What are the key drivers behind the half-year loss despite revenue growth?
- How will the new CEO influence the company’s strategic direction and operational execution?
- What is the outlook for profitability given the expanded retail footprint and international market access?