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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Sorbic Int | LSE:SORB | London | Ordinary Share | GB00B3CX3F30 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSORB
RNS Number : 4792W
Sorbic International PLC
10 November 2014
Press Release 10 November 2014
Sorbic International plc
("Sorbic" or the "Group")
Trading Update
Sorbic International plc (AIM:SORB), a leading sorbates producer in China, today provides the following update on trading ahead of the Company reporting its preliminary unaudited results for the year ended 30 September 2014 in December 2014.
The Board is pleased to report that the Group's operating subsidiary, Linyi Van Science and Technique Co., Ltd ("LVST") revenues for the year ended 30 September 2014 were RMB 143 million (GBP14.3 million)*, which is in line with expectations and similar to the prior year (2013: RMB 142 million, GBP14.6 million). During the second half of the year, LVST has witnessed increased fluctuations on the selling price of potassium sorbate. This has impacted on the LVST's overall operating margin for the full year, expected to be approximately 10% (2013: 13%), as well as, a reduction in LVST's operating EBITDA to RMB 11 million (GBP1.1 million)* (2013: RMB 16 million, GBP1.2 million). Market demand for Sorbic's products continues to be strong.
In the Interim Results statement issued on 23 June 2014, the Board reported that Mr Wang Yan Ting, the LVST's CEO had been reluctant to allow funds to be transferred out of China and that as a result, the Board was going to replace Mr Wang Yan Ting as Legal Representative. Following a Board meeting held in October 2014, Mr Wang Yan Ting has now agreed for such funds to be utilised for the repayment of the Loan Stock and discussions are now taking place to initiate the process. There are GBP2,688,000 of Convertible Loan Notes outstanding which are due to be redeemed by 31 December 2014, such a redemption will also include a 20% redemption premium as announced on 29 August 2014. Following the outcome from October's Board meeting, the Board has deferred the proposed Legal Representation changes.
In respect of the compensation negotiations in Inner Mongolia and the proposed Linyi relocation, discussions are progressing and the Board will provide a further update at the time of the Preliminary Results in December.
As at 30 September 2014, LVST had approximately RMB 70 million (GBP7 million)* in cash. Furthermore, in respect of the final audit, the preliminary audit work has not brought anything of significance for the Board's attention.
* During the year the GBP/RMB exchange rate has fluctuated between 9.7 and 10.6, accordingly an indicative average exchange rate of 10 has been used.
- Ends -
For further information: Sorbic International plc Tel: +44 (0)7768 031 454 John McLean, Chairman www.sorbicinternational.com finnCap (Nomad) Geoff Nash / Ben Thompson Tel: +44 (0) 20 7220 0500 Hybridan LLP (Broker) Claire Louise Noyce Tel: +44 (0) 20 3713 4581
Media enquiries:
Abchurch Communications Henry Harrison-Topham / Tel: +44 (0)20 7398 Canace Wong 7714 canace.wong@abchurch-group.com www.abchurch-group.com
Notes to Editors: www.sorbicinternational.com
About Sorbic International plc
Sorbic International's principal activity is the production and sale of the food preservatives Sorbic Acid and Potassium Sorbate from its base in Linyi City, Shandong Province, Peoples Republic of China. Approximately half of Sorbic International's production is sold to overseas markets and half into the Chinese domestic market.
Sorbic Acid is a naturally occurring organic compound that is used in all kinds of foods for its anti-decomposition and anti-fungus function and also in grains, medicines, cosmetics, toothpaste, tobacco, animal feed, latex, paper-manufacturing and pesticides. Potassium Sorbate is used to inhibit moulds and yeasts in many foods, such as cheese, wine, yogurt, dried meat, baked goods, cosmetics and pharmaceuticals.
Sorbic International operates through its wholly owned subsidiary Linyi Van Science and Technique Co., Ltd ("LVST").
This information is provided by RNS
The company news service from the London Stock Exchange
END
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