PureCircle Limited Trading Update (9249W)
January 06 2014 - 2:00AM
UK Regulatory
TIDMPURE
RNS Number : 9249W
PureCircle Limited
06 January 2014
PURECIRCLE LIMITED
TRADING UPDATE
PureCircle (LSE: PURE), the world's largest producer and
marketer of high purity stevia ingredients, today provides a
trading update in respect of the six month period from 1 July 2013
to 31 December 2013, being the first half of its Financial Year
2014 (1H FY14). The Company's interim results for 1H FY14 will be
announced on Wednesday 19 March 2014.
Sales
Sales in 1H FY14 are expected to be $34.7m, an increase of 31%
against 1H FY13 ($26.4m* - see note below).
There was growth in sales across all high purity ingredients
primarily driven by new innovations in our proprietary Stevia 3.0
TM portfolio of all-natural, no-calorie sweeteners and natural
flavor systems. By region, EMEA, Latin America, Asia Pacific and
USA all recorded sales growth.
Sales volumes: In 1H FY14 total volumes of high purity stevia
sweeteners and natural flavors are expected to increase by 34%
against 1H FY13.
EBITDA
The benefits of the increase in sales are expected to flow
through the Profit and Loss account with the Group moving to
positive Operating Profit and EBITDA.
Cash, net debt and funding headroom
The Group ended 1H FY14 with net debt of $86m and cash and
facility headroom of $58m. The Group is sufficiently funded for its
current expansion plans.
Commenting on the 1H FY14 trading, the Group CEO Magomet
Malsagov said: 1H FY14 we continued on our path of systematic
growth with increase in sales and improvements in
profitability.
Our strategy of introducing new and innovative ingredients and
solutions to meet identified market needs is continuing to win
business for PureCircle and to increase the overall market share
for high purity stevia. The success of our innovations is
underpinned by our R&D capabilities, uniquely integrated supply
chain, global customer service infrastructure and smart
partnerships. The recent GRAS Letter of No Objection from the U.S.
FDA for Rebaudioside M a new, zero-calorie sweetener from the
stevia leaf jointly developed by The Coca-Cola Company and
PureCircle is an important milestone for us and is another example
of our ongoing commitment to sweetener innovation and our global
commitment to offering solutions to help food and beverage industry
to develop more reduced, low and no-calorie food and beverage
options. We are generating revenues from a wide range of natural
sweetener and flavor products and from a wide range of customers
directly and through our business partners.
With accelerating roll-outs of food and beverage products using
PureCircle's high purity stevia solutions, particularly in the
important carbonated soft drink category, the Company is confident
of continued sales growth and with it improvements in
profitability.
*Note that 1H FY13 sales have been restated to reflect the
Company's adoption of the new IFRS accounting policy for Joint
Ventures. This has the effect of reducing 1H FY13 sales by $1m
Enquiries:
PureCircle Limited (www.purecircle.com)
Magomet Malsagov, CEO +603 2166 2066
William Mitchell, CFO +44 7974 005 163
RFC Ambrian Ltd (NOMAD) +61 8 9480 2500
Stephen Allen
This information is provided by RNS
The company news service from the London Stock Exchange
END
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