RESULTS FOR ANNOUNCEMENT TO MARKET
Financial Commentary and Operations
The Company recorded a loss after tax for the year ended 30 June 2024 of $12.7 million, which was a reduction in loss to the prior year of approximately $1.9 million.
The Company underwent a transition during the financial year, with the divestment of its Dirty Clean Food business in order to reduce costs and to focus on commercialising its next generation plant-protein product portfolio based on property IP.
As part of this strategic focus, the Company purchased a state-of-the-art manufacturing facility located in Germany, including technical infrastructure and staff. This facility has the ability and capacity to produce multiple plant proteins at commercial scale. Further, the Company has undertaken a review of costs, in order to preserve funds from its capital raising announced in May 2024, while it continues market development and sales efforts for its lupin and plant-proteins.
Dividends
No dividends were paid during the financial year (2023: Nil).
NET TANGIBLE ASSETS
DISCONTINUED ENTITIES / OPERATIONS
The Company disposed of its fully owned subsidiary, Dirty Clean Food Pty Ltd (“DCF”) on 23 April 2024 as part of the sale of the ‘Dirty Clean Food’ business during the financial year.
Contribution of DCF to the Company’s (loss) from ordinary activities before income tax during the period was $7,280,903.
ACCOUNTING STANDARDS
The financial statements cover Wide Open Agriculture Ltd and its subsidiaries as a consolidated entity (Group). Wide Open Agriculture Ltd is a company limited by shares, incorporated and domiciled in Australia and are dated 1 September 2024.
This preliminary final report Wide Open Agriculture Ltd has been prepared in accordance with ASX Listing Rule 4.3A and the disclosure requirements of ASX Appendix 4E.
This report is to be read in conjunction with any public announcements made by the Company during the reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001 and Australian Securities Exchange Listing Rules.
The preliminary final report has been prepared in accordance with Australian Accounting Standards (including Australian Accounting Interpretations) other authoritative pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001.
AUDIT REPORT
The preliminary final report is based on financial statements which are in the process of being audited.
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