SP8 Jul 2009 19:20
PureCircle, the company behind a new type of food and drink sweetener called Reb A, has hailed a “transformational year” which saw it reinforce its leading position in a “major new global industry”.
The company said it had shipped 264 million tonnes of its Reb A product during the year, up 130% on 2008, meaning that sales will come at not less than US$62 million, up 85%. In turn, net profits are expected to be at least $11 million, an increase of 420%.
The results come in the year that PureCircle received clearance from the Food & Drug Administration to market Reb A in the US. It noted that while the timing of that approval came too late for any new customers to plan Reb A sweetened product launches into their calendar 2009 budgets, 2010 would be a different story.
Discussions are believed to be in progress with over 100 food and beverage brands, with indications that the expected new product launches, above existing committed volumes, will start during calendar 2010.
Magomet Malsagov, PureCircle’s chief executive, commented: “We have established PureCircle as the world's leading supplier of Reb A. We have world class infrastructure in place and an excellent management team leading the business.
“We are witnessing the emergence of a major new global industry. PureCircle is the undisputed market leader and we are well placed for further growth.”
At these prices it would be rude not to fill your boots!!!!