SORB Sorbic Int

TIDMSORB

RNS Number : 8033F

Sorbic International PLC

30 April 2014

 
   Press Release     30 April 2014 
 

Sorbic International Plc

("Sorbic" or the "Company")

Trading Update

and Change of Broker

Sorbic International plc (AIM:SORB), a leading high quality sorbates producer in China, today gives the following update on trading, and also announces the appointment of Hybridan as sole broker.

The Board is pleased to report that trading for the six months to 31 March 2014 has been strong. As indicated at the Company's Annual General Meeting in February 2014, revenue for the three months to 31 December 2013 showed an increase of 5% over the same period in 2012, and the Board is pleased to report that revenues have continued to increase and are expected to show a 7% uplift for the six months to 31 March 2014. Trading has gone well to February 2014, and as anticipated this weakened over the Chinese New Year period, although trading for this period was an improvement over last year. Overall gross margin improved significantly when compared to the first half of 2013.

Whilst the business continues to perform well, the Company remains reliant on transferring funds out of China, or raising additional capital, to meet the ongoing costs of Sorbic International plc. As at 31 March 2014, the Company had in excess of GBP6 million in its bank in China.

In respect of Sorbic's negotiations in Inner Mongolia, the Company is now engaged in detailed discussions within an agreed framework and will provide a further update as these negotiations develop.

Sorbic also announces today that it has appointed Hybridan LLP as sole broker with immediate effect.

John Mclean, Non-Executive Chairman of the Company, said: "The Company has performed well for the six month period to 31 March 2014. The Board is pleased to report further improvements in revenue and gross margins since December and we look forward to providing a fuller update at the Company's interim results in June."

- 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 7600 1658 
 Hybridan, Broker 
 Claire Louise Noyce           Tel: +44 (0) 20 7947 4350 
 

Media enquiries:

 
 Abchurch Communications 
 Joanne Shears / Canace Wong        Tel: +44 (0) 20 7398 
                                                    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, of which more than half is sold outside of China.

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.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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