Aquatic Foods Group PLC Update on accounts publication (3456P)

TIDMAFG

RNS Number : 3456P

Aquatic Foods Group PLC

30 August 2017

 
 Press Release   30 August 2017 
 

Aquatic Foods Group Plc

("Aquatic Foods" or "AFG" or "the Group" or "the Company")

Update on accounts publication

Aquatic Foods Group Plc (AIM: AFG), a leading Chinese marine foods and seafood processor and producer supplying to export and local markets, announces an update in respect of the publication of its full year results to 31 December 2016 ("2016 Accounts") and appointment of a new finance director.

The Company has identified a preferred candidate for the role of Finance Director and has substantially completed standard diligence procedures in relation to his appointment.

The Company expects that the 2016 Accounts should be available for publication once the new finance director is in position, which is now expected to occur during September 2017. It is expected that the new finance director, when appointed, will also assist in progressing the requirement that further funds are remitted to the Group's Jersey holding company from its operating subsidiaries in China.

The Company's interim results for the six month period to 30 June 2017 will become due for publication at the end of September.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

- ENDS -

For further information:

 
 Aquatic Foods Group Plc            Via Abchurch 
 Dr. Wang Shaodong, Non-Executive 
  Chairman 
 
 
 SP Angel Corporate Finance      Tel: [phone] 
  LLP                                            0470 
  Nominated Adviser and Broker      www.spangel.co.uk 
 Stuart Gledhill / Robert 
  Wooldridge 
 

Media enquiries:

 
 Abchurch                               Tel: [phone] 
                                                        4630 
 Julian Bosdet / Dylan Mark           www.abchurch-group.com 
  / Alejandra Campuzano 
                              [e-mail] 
 

Notes to Editors:

Aquatic Foods Group is a leading marine foods and seafood processor and supplier based in China. The Group initially built its business through focusing on the export market (principally Japan under the "Kanwa Foods" brand), and subsequently established the "Zhenhaitang" brand in 2007 in mainland China to take advantage of the growing market driven by growing disposable income within the Chinese middle-classes and a more health conscious consumer base.

The Group benefits from excellent food safety procedures developed over many years which have helped the Group to build a strong track record of supplying its products into overseas markets. This track record has enhanced the perception of the quality and reliability of the Group's products in China and has allowed the Group to expand significantly into local markets as demand for seafood products has increased. In a market that has seen regular public health scares relating to food safety, the Group considers that its adherence to these standards to be a key strength. The Group has obtained the following key standards:

   -    ISO 9001 Quality Management System certification 
   -    HACCP Food Safety System certification 
   -    BRC certification; and 
   -    Marine Stewardship Council certification 

Aquatic Foods works with a network of distributors to effectively market its products in China. The Group has continued to grow its distributor relationships and now distributes its products in 16 provinces, municipalities and autonomous regions in China through 50 regional distributors. These distributors in turn sell the Group's products to sub-distributors and retailers, including supermarket chains and hypermarkets.

Further information can be viewed at www.aquatic-foods.com.

This information is provided by RNS

The company news service from the London Stock Exchange

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August 30, 2017 11:14 ET (15:14 GMT)