RNS21 Oct 2020 09:07
China and Japan represented 35% of sales in 2019 when "revenue was flat despite challenging market conditions". The accounts stated "The beginning of the year will remain challenging
because of the continued impact of African Swine Fever in China."
So no or little improvement was expected other than increased sales attributed to Avian sales? Now Chinese revenue outperformance is such that, even with flat rest of the world sales, "revenue for the six months ended 30 September 2020 being significantly ahead of management expectations and the prior year.".
Looking good but 2 doubts - higher volume discounts? How have they impacted profit margins; in last year's accounts they said that they were offering longer payment terms in China so collection of the debts needs to be watched carefully.
Overall, as promising as could be hoped for.