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AAAP Anglo African Agriculture Plc

4.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Anglo African Agriculture Plc LSE:AAAP London Ordinary Share GB00BKBS0353 ORD 2P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 4.00 3.50 4.50 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Anglo African Ag PLC Trading and Operational Update

02/12/2016 11:19am

UK Regulatory


 
TIDMAAAP 
 
2 December 2016 
 
                         Anglo African Agriculture plc 
 
                           ("AAA" or the "Company") 
 
                        Trading and Operational Update 
 
               Excellent business growth seen in past two months 
 
Anglo African Agriculture plc (LSE: AAAP), the London Main board listed food 
manufacturing company today announces an update on trading ahead of the results 
for the year ended 31 October 2016 ("the Period"), which AAA will publish in 
early January 2016. 
 
For the Period, AAA expects to report sales in Dynamic Intertrade Ltd 
("Dynamic"), the Company's 100% owned specialist spice manufacturing business 
in Cape Town, of over ZAR 34 million (147% of the ZAR 23.6 million in the 
previous year). 
 
We are pleased to report that we are experiencing a strong turnaround in 
operational performance from our food manufacturing operations in Cape Town, 
together with increased sales beyond seasonal norms. Historically, as we enter 
the summer holiday period in southern Africa, sales have traditionally been 
seasonally low.  However, in November 2016, the first month of the current 
financial year, gross revenues have increased to ZAR 4.4 million (c.GBP260,000) 
compared to ZAR 3.8 million (cGBP176,000) in November of the previous financial 
year.  Tonnage output also climbed to 150 tonnes for the month, up from the 
average 90 tonnes per month sold over the Period. 
 
This turnaround is supported by a strong forward order book at Dynamic, which 
is being driven largely by substantially bigger orders from customers for our 
prime spice ranges and an increasing demand for the Company's new blended spice 
lines. We expect this significant trend to be sustainable and grow further from 
here. 
 
The Company has contracted to acquire, subject to shareholder approval, a 46.8% 
shareholding in Dynamic Intertrade Agri (Pty) Ltd ("DIA"). A General Meeting 
has been convened on 9 December 2016 to approve this acquisition. DIA is also 
performing positively with turnover of ZAR 2.3 million (c.GBP130,000) achieved in 
November 2016 compared to ZAR 1.307 million (cGBP64,000) in the same month of the 
previous year. In addition, DIA have also recently secured a significant order, 
on top of its normal business, for 1,000 tonnes of fertilizer for December 2016 
delivery for ZAR 5.75 million (c.GBP325,000) as a precursor to a full 10,000 
tonne fertilizer order for delivery over the 2017 calendar year. 
 
The Company is also pleased to report that a draft prospectus has been 
submitted to the UK Listing Authority for review.  This prospectus will be in 
connection with the issue of new ordinary shares in April and in September 
2016, and the proposed issue of new ordinary shares in respect of the 
acquisition of DIA. 
 
David Lenigas, the Company's Chairman, commented; 
 
"The turnaround in the Company's operating businesses over the past few months 
has been outstanding. With the growth in orders, and for the first time, we are 
working at close to full current capacity.   We are looking to meet this 
increasing demand through the expansion inititiatves that are underway to 
initially increase production capacity to 250 tonnes per month as previously 
announced on 4 October 2016. 
 
We have now taken the business through critical mass and with new processing 
equipment and additional packing lines currently being installed, combined with 
the accelerated purchase of key component ingredients to boost stock levels, we 
are now pushing hard to grow this business very nicely over the coming years. 
 
We are well placed to increase sales in the coming year and are confident of 
reporting further growth." 
 
For further information, please contact: 
 
Anglo African Agriculture plc                       +44 (0) 20 7440 0640 
 
David Lenigas, Non-Executive Chairman 
Rob Scott, Non-Executive Director 
 
VSA Capital Limited (Financial Adviser and Broker)  +44 (0) 20 3005 5000 
 
Andrew Raca / James Asensio 
 
 
 
 
END 
 

(END) Dow Jones Newswires

December 02, 2016 06:19 ET (11:19 GMT)

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