Gx Cleantech Regulatory News (CTEK)

5 February 2013

China ChainTek United Co., Ltd

("ChainTek" or the "Group"),

Correction: Full Year Trading Update

The following amendment has been made to the 'Full Year Trading Update' announcement released on 5 February 2013 at 7A.M. under RNS No 0810X.

The corrected text is as below in which the date at the end of the following sentence now reads 2011, rather than 2012 as stated in the original announcement:

'For the full year to 31 December 2012, ChainTek expects to report total revenues of RMB 339 million (approximately £33.9 million), which represents a 29% increase compared to 2011.'

All other details remain unchanged.

The full amended text is shown below.

5 February 2013

China ChainTek United Co., Ltd

("ChainTek" or the "Group"),

Full Year Trading Update

ChainTek (AIM: CTEK), the provider of logistics services to manufacturers of fast moving consumer goods in China, today announces a trading update ahead of the announcement of the Group's 2012 preliminary results on 2 April 2013. ChainTek is pleased to announce the Group's strong trading performance continued in Q4 2012 and that it expects to report revenue and operating profit ahead of market expectations.

For the full year to 31 December 2012, ChainTek expects to report total revenues of RMB 339 million (approximately £33.9 million), which represents a 29% increase compared to 2011. Both the Logistics Services and Inventory Solutions divisions contributed towards the revenue growth, increasing approximately 23% and 92% year on year respectively.

The Logistics Services division remains core to the Group and, in conjunction with strong revenue growth in 2012, ChainTek has continued to diversify its client base, particularly into the food and building materials industries which now comprise 19% of total revenue. The division continues to reduce its reliance on shoes and apparel, which now comprise 72% of revenue in 2012 (79% in 2011).

The Inventory Solutions business, in its second full year, has continued to experience high growth, almost doubling revenue year on year from RMB 24 million in 2011 to RMB 46 million in 2012 (approximately £2.4 and £4.6 respectively).

As at 31 December 2012, the Group had a net cash position of RMB 343 million (approximately £34.3 million) compared with RMB 286 (approximately £28.6m) million at 30 September 2012. 

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