Food & Ag: Wide Open Agriculture would *really* like you to know it’s doing well
Food & Agriculture
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In agriculture when someone is losing, you can be sure someone else is winning: in Australia it’s farmers in Western Australia who are at the top of the see-saw.
As farmers through the east struggle with drought or, more recently, bushfires, Wide Open Agriculture (ASX:WOA) in WA is making bumper sales — and has seen fit to tell the ASX a second time in a week.
The company issued its second-quarter report last week and its shares bounced from 12c to 13c — and back down to 12c.
So it tried again this week, saying sales have jumped 46 per cent in the December quarter to $290,000, up from $200,000 in the previous quarter.
First half sales were a record $490,000.
The company is selling sheep and beef products only in WA to 55 restaurants, online, and to 20 Perth retailers.
Wide Open Agriculture buys products from farmers who use regenerative farming practices that don’t degrade land and sells it under a brand called ‘Dirty Clean Food’.
The company said during the quarter it established sales channels into the rest of Australia down into South-East Asia, and it plans to launch a “plant-based beverage in the oat milk category” before June.
Wide Open Agriculture listed in 2018 with a plan to grow veggies in greenhouses and to source cereals and meat from farmers who used regenerative farming methods.
The company has since moved into hemp growing but was still working on a pilot greenhouse — which they call a shade-house — last year.
And after announcement round two? The stock climbed to 15c — a 25 per cent gain.