Costa chief executive Harry Debney said the company was pleased to have completed the capital raise,adding that it was focused on executing strategic priorities for long term growth.
"Any successful agribusiness must focus on long term strategies and value creation. We have faced many and varied challenges this year,but we will continue to meet them head on,"he said.
"We are in the best position in this industry to do so and are confident of building a stronger and more resilient company as a result,"he said.
But in a new note released just before the capital raise was completed,Citi analyst Craig Woolford gave a cautious assessment of Costa and cut his target price on its shares.
Any successful agribusiness must focus on long term strategies and value creation. We have faced many and varied challenges this year.
Harry Debney,Costa Group chief executive
"We've lowered our financial year 2020 estimated EBITDA (earnings before interest,tax,depreciation and amortisation) by 4 per cent to $127 million. We expect another challenging year in mushrooms,blueberries and citrus to hold the stock back.
"Medium-term,competition will ease as smaller players exit and EBITDA margins can rise. We reduce our target price to $2.80 from $2.90 given earnings downgrades,"he said.