The Wide Open Agriculture Ltd (ASX: WOA) share price is strongly in the green today.
Shares in the food and agriculture company are trading higher following the release of its quarterly results earlier today.
Let’s take a look at how Wide Open Agriculture performed for the quarter.
Wide Open Agriculture reports strong growth
Earlier today, Wide Open Agriculture released its results for the fourth quarter of FY21.
The company’s report was highlighted by its eighth consecutive quarter of revenue growth.
Wide Open Agriculture reported a 28% quarter-on-quarter revenue growth of $1.459 million. The company noted that actual cash payments received for the period totalled $1.585 million.
Revenue for the quarter also represents a 155% increase in sales over the corresponding period the previous year.
Wide Open Agriculture’s management attributed the growth to its commercial strategy to scale and expects its growth trajectory to continue.
The company also noted its strong balance sheet. As at 30 June 2021, Wide Open Agriculture reported a cash position of approximately $13 million.
Wide Open Agriculture highlights achievements
In addition to its financial performance, Wide Open Agriculture also highlighted its achievements for the quarter.
In particular, the company cited encouraging nutritional analysis of its Lupin Protein Project.
Wide Open Agriculture noted its lupin protein concentrate, with 76% protein content, was being used in several early-stage food and drink prototypes.
The company was also able to expand its distribution and product range during the quarter.
Wide Open Agriculture said it will continue to direct its efforts towards the multi-billion dollar plant-based foods sector.
More on Wide Open Agriculture
Wide Open Agriculture Limited is a vertically integrated food and agriculture company.
The company has three main areas of operation. These include its regenerative food brand ‘Dirty Clean Food’, oat products and plant-based proteins.
Wide Open Agriculture markets and distributes food products with a focus on conscious consumers in Australia and South-East Asia
Despite today’s boost, the Wide Open Agriculture share price has struggled in 2021. Shares in the company are still around 11.5% from where they started the year.
At the time of writing, the Wide Open Agriculture share price is up more than 3.29% for the day, trading at its intra-day high of 78.5 cents.