from last trading update..23 Jun 2017 10:39
The Board pleased to report that the Company continued to perform well in the second half of 2016 and, whilst subject to audit, revenue for the year to 31 December 2016 is expected to have risen to approximately RMB72 million. Following the return to profitability in the six months to 30 June 2016, the Company has continued to perform in line with our expectations.
China
The Company is pleased to advise that after a long bidding process, it has won a number of contracts from COFCO Corporation ("COFCO"), a Fortune 500 Company, one of the largest food manufacturers in China and an existing customer. The contracts are to expand COFCO's current production capacity of edible alcohol and fuel alcohol. The contracts that were signed with the subsidiary Guangxi COFCO Biomass Energy Co., Ltd, in aggregate, total approximately RMB20.8 million and will be subject to a payment schedule based on project milestones. The contracts are expected to take approximately 5 months and commissioning is expected in Q3 of 2017. The remaining contracts were signed with COFCO Biochemical (Anhui) Limited, in aggregate, total approximately RMB60 million and will be subject to a payment schedule based on project milestones. The contracts are expected to take approximately 7 months and commissioning is expected in Q3 of 2017.
Results for up to 31 Dec 2016 period due on or before 30 June 2017