4 Apr 2014 09:00
4 April 2014
AfriAg plc
("AfriAg" or the "Company")
Trading update on AfriAg SA's airfreight operations
AfriAg (AIM: AFRI), the AIM-quoted agricultural value chain investing company, is pleased to provide an update to shareholders on the airfreight operations of AfriAg SA (Pty) Ltd ("AfriAg SA"), AfriAg's 40% owned agri-logistics unit.
1.221 million kg of perishables produce was air freighted by AfriAg SA during the first 7 months of its operations for the period ending 28 February 2014.
The vast majority of these perishable goods were trucked by AfriAg's branded fleet (owned and sub-contracted) and exported from Africa to Europe using IAG Cargo's British Airways passenger fleet from Johannesburg and Cape Town to London. IAG Cargo is AfriAg SA's preferred carrier of choice for cold chain logistics.
AfriAg intends to report this data on AfriAg SA on a six monthly basis for the periods ending 30 June and 31 December and within 2 months from the end of these periods in order to keep shareholders appraised of the company's progress.
Any revenues due to the Company would be by way of periodic dividends from AfriAg SA. The Company is not anticipating any dividends in the short term as excess capital is being retained in the South African based business to assist with growing the business.
David Lenigas, Executive Chairman of AfriAg, commented:
"We have seen tremendous growth in this fledgling business from a standing start only 7 months ago. We see the outlook for 2014 remaining strong as we seek to sign more corporate clients that are looking to use AfriAg SA's bespoke truck-air-sea logistics services to move their perishable produce around southern Africa and on to their respective overseas markets."
For further information please contact:
AfriAg plc: +44 (0) 20 7440 0640
David Lenigas
Donald Strang
Nominated Adviser and Broker:
Allenby Capital Limited +44 (0) 20 3328 5656
Nick Harriss
Nick Athanas
Michael McNeilly
Public Relations:
Square1 Consulting +44 (0) 20 7929 5599
David Bick
Mark Longson