China Food Group
China Food Group operates food manufacturing businesses producing a range of condiment products, including soya sauce and vinegar, under its 'Fushi' and 'Fushi Hao Tai Tai' brand names and a range of animal feeds covering premix, concentrate and compound feedstuffs.
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China Food Company sees full-year results slightly ahead ofexpectations
China Food Company PLC (AIM: CFC), a manufacturer of cooking and dipping
sauces, said it expects trading for 2009 to be moderately ahead of
market expectations.
In a pre-close trading update ahead of
reporting results for the year ended 31 December 2009, the company said
activity levels in the last quarter have picked up and this trend is
expected to continue through to the Chinese New Year on February 14.
China
Food Co continues to trade profitably, is cash generative, has low
gearing and has a strong balance sheet.
Discussions regarding
bank facilities are ongoing. With the benefit of the convertible loan
notes, raising £3 million in November 2009, and strong cash flow, the
company has sufficient resources to complete the new 266,666 square feet
soya sauce facility in Shou Guang City.
It remains on target to
start trial production in the coming months with the formal opening
planned for May 2010.
Non-executive chairman John McLean
commented: "The board is pleased with progress made over the past
financial year and looks forward to the new Shou Guang City facility
becoming fully operational in the coming months. This will allow China
Food to significantly increase both its production and market share. In
addition, the improving Chinese economy, healthy GDP growth and the
company's additional financial resources put us in a strong position to
continue to deliver on our growth strategy."
Other China Food Group news
- China Food Company plans to raise £6.5 million for expansion in Chinese market
2009-11-03 - China Food says condiments and animal feeds divisions hit by global downturn
2009-05-28
