Aquatic Foods Group PLC AGM Trading Update (4507T)

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RNS Number : 4507T

Aquatic Foods Group PLC

20 July 2015

 
 Press Release   20 July 2015 
 

Aquatic Foods Group Plc

("Aquatic Foods" or the "Group")

AGM Trading Update

Aquatic Foods Group Plc (AIM: AFG), a leading Chinese marine foods and seafood processor and producer, supplying to export and local markets, is pleased to announce the following trading update ahead of its Annual General Meeting today.

The Group's trading for the first five months of the year to 31 May 2015 has continued in line with expectations and the positive trend shown in 2014 with unaudited revenues of approximately RMB 369 million (2014: RMB 292 million) an increase of approximately 26%. The increase in revenues has principally been driven by sales of fish including mackerel (sourced from Iceland, Ireland, Norway and Scotland) and saury.

The Group is progressing discussions in relation to the requirement for increased processing and cold storage capacity and will update the market in due course.

The Group's outlook for the current financial year remains unchanged.

- Ends -

For further information:

 
 Aquatic Foods Group Plc 
 Sean Lim, Finance Director    Tel: [phone] 
                                               7714 
                              www.aquatic-foods.com 
 
 
 SP Angel Corporate Finance LLP 
  Nominated Adviser and Broker 
 David Facey / Stuart Gledhill    Tel: [phone] 
                                                  0470 
                                     www.spangel.co.uk 
 

Media enquiries:

 
 Abchurch Communications Limited 
 Julian Bosdet / Jamie Hooper / Canace Wong     Tel: [phone] 
                                                                7714 
 [e-mail]              www.abchurch-group.com 
 

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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