PureCircle's pretax loss for the six months to December narrowed to
Adjusted earnings before interest, tax, depreciation, and amortisation for its first half increased 22% to
However, the gross margin narrowed to 36.8% from 40.4% due to currency movements, sales mix, and a transition to a more expensive stevia leaf variety. Operating profit decreased 44% to
PureCircle's main product is stevia, a sweet plant, which it aims to use as a replacement for sugar in food and drinks.
PureCircle's previous financial year was a difficult one, after the US banned imports in June 2016 of its stevia-based sweeteners, alleging that its shipments contained products produced using forced labour. The ban was lifted only in January 2017, halfway through its year. The US had represented around a third of total sales in its financial year ended June 2016, before the ban was imposed.
Chief Executive Magomet Malsagov said: "After a difficult year in financial year 2017, where access to one third of our market was denied due to the CBP action, I'm pleased that the business is back on track and this is reflected in our first half results where we have returned to double-digit growth.
"I am particularly excited about our launch of Starleaf, a proprietary non-GMO stevia plant that yields roughly 20 times more of the newest and best-tasting stevia leaf sweeteners than conventional stevia varieties. Starleaf is at the heart of our evolving strategy where over the next five-years we believe this will transform both our business and the stevia market by providing breakthrough solutions."
Shares were down 5.6% on Tuesday at
