Operations Update (3118J)
June 29 2011 - 2:00AM
UK Regulatory
TIDMAGTA
RNS Number : 3118J
Agriterra Ltd
29 June 2011
Agriterra Ltd / Ticker: AGTA / Index: AIM / Sector:
Agriculture
29 June 2011
Agriterra Ltd ('Agriterra' or 'the Company')
Operations Update
Agriterra Ltd, the AIM listed company focussed on the
agricultural sector in central and southern Africa, is pleased to
announce record trading from its maize farming and milling
facilities and continued growth at the Company's cattle ranching
operations in Mozambique.
Overview
-- Record maize sales achieved from DECA and Compagri for the
year ended 31 May 2011 - total sales increased by 55% on the
previous year to US$13.6 million (2010: US$8.8 million)
-- Total combined sales of meal from both facilities of 28,822
tonnes for the year ended 31 May 2011, an increase of 56% on
previous full year (2010: 18,496 tonnes)
-- Compagri facility performing encouragingly in the export
market
-- 2011/12 buying season off to a strong start with more than
17,000 tonnes purchased to date
-- 22,000 tonnes of maize currently in stock across both
facilities
-- Mozbife cattle ranching operations achieving rapid growth -
herd stood at over 1,445 head as of 31 May 2011 across 15,000
hectare Dombe and 1,000 hectare Mavonde ranches
-- Initial revenues generated from beef sales with average price
per carcass of US$768 achieved
-- Commissioned construction of abattoir at Chimoio - designed
to have initial throughput of 300 head of cattle and 1,200 goats
per day
Agriterra Executive Director Euan Kay said, "The past 12 months
have been a highly active period for Agriterra, and the momentum
built through our grain processing operations continues to generate
considerable revenues for the Company. In addition to these
established maize farming and milling operations, our growing
cattle ranching business continues to grow rapidly and is now
contributing maiden revenues for Agriterra. Beef represents a high
margin business for Agriterra, and we are committed to driving this
division of the Company forward in order to enhance value for
shareholders."
** ENDS **
For further information please visit www.agriterra-ltd.com or
contact:
Andrew Groves Agriterra Ltd Tel: +44 (0) 20 7408
9200
Jonathan Wright Seymour Pierce Ltd Tel: +44 (0) 20 7107
8000
David Foreman Seymour Pierce Ltd Tel: +44 (0) 20 7107
8000
Robin Henshall Matrix Corporate Capital Tel: +44 (0) 20 3206
LLP 7000
Hugo de Salis St Brides Media & Finance Tel: +44 (0) 20 7236
Ltd 1177
Susie Geliher St Brides Media & Finance Tel: +44 (0) 20 7236
Ltd 1177
This information is provided by RNS
The company news service from the London Stock Exchange
END
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