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Alliance News

Anglo African Agriculture Ups Spice Capacity As Orders Outstrip Supply

Fri, 31st Mar 2017 13:35

LONDON (Alliance News) - Anglo African Agriculture PLC on Friday said the first quarter of 2017 saw a 53% lift in revenue to ZAR10.6 million from its food manufacturing business, which on a sterling basis more than doubled year-on-year.

The company said volumes of food flavourings in the first three months of 2017 were up 6% year-on-year to 303 tonnes.

Anglo African Agriculture said production capacity at the spices manufacturing plant has more than trebled after new milling equipment was installed during the period, while "strong customer demand" continues to exceed factory output.

Anglo African Agriculture said new spice product ranges will be launched this year to give it confidence about the rest of 2017.

"The company's business is growing very strongly now, and we continue to see increasing customer demand for our specialty spices, food additives and seasoning. Orders continue to exceed the company's ability to meet demand for Dynamic's products supplied for the mass food manufacturing sector," said Chairman David Lenigas.

"Going forward, the operation of the new machines significantly boosts our future manufacturing capacity and should substantially reduce our overall unit operating cost and boost our competitiveness as we move towards much bigger turnover and product range offerings. We need more stock to meet customer orders and we are working hard to quickly address this issue," he added.

Anglo African Agriculture shares were flat on Friday at 1.0 pence.

By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance

Copyright 2017 Alliance News Limited. All Rights Reserved.

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