"significant scaling up of revenue"4 Mar 2009 16:46
Good to see the US taking note
DJ PureCircle 1H Revenue, Pft Up Ahead Of 2H Production Surge
Last update: 3:57 a.m. EST March 4, 2009
LONDON, Mar 04, 2009 (Dow Jones Commodities News via Comtex) -- Sweeteners maker PureCircle Ltd. (PURE.LN) Wednesday reported a rise in first-half revenue and profit as more big companies such as PepsiCo. Inc. (PEP) and Coca-Cola Co. (KO) start using its products, and said it is poised for a sharp uplift in sales by the year-end as production surges seven-fold.
PureCircle's calorie-free, plant-derived sweeteners are used in drinks including PepsiCo's Sobe Lifewater and Tropicana juices, and Coke's Sprite Green.
It said revenue in the six months ended Dec. 31, 2008, increased to $21.6 million from $14.5 million a year earlier. Pretax profit advanced to $2 million from $1.2 million.
Finance Director William Mitchell told Dow Jones Newswires PureCircle's revenue for the six months was based on sales of 95 metric tons of its Reb A sweetener. The company grows the stevia plants it is made from at its own plantations, extracts the ingredients at its plant in China and refines it in Malaysia.
Following regulatory approvals in the U.S, Australia, New Zealand and Switzerland, and in anticipation of approval in Europe by year-end, PureCircle will increase production to 700 metric tons by Dec. 31, Mitchell said.
"There will be a significant scaling up of revenue," he said.