focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksSorbic International Regulatory News (SORB)

  • There is currently no data for SORB

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Trading Update and Change of Broker

30 Apr 2014 07:00

RNS Number : 8033F
Sorbic International PLC
30 April 2014
 



 

Press Release

30 April 2014

 

Sorbic International Plc

 

("Sorbic" or the "Company")

 

Trading Update

and Change of Broker

 

Sorbic International plc (AIM:SORB), a leading high quality sorbates producer in China, today gives the following update on trading, and also announces the appointment of Hybridan as sole broker.

 

The Board is pleased to report that trading for the six months to 31 March 2014 has been strong. As indicated at the Company's Annual General Meeting in February 2014, revenue for the three months to 31 December 2013 showed an increase of 5% over the same period in 2012, and the Board is pleased to report that revenues have continued to increase and are expected to show a 7% uplift for the six months to 31 March 2014. Trading has gone well to February 2014, and as anticipated this weakened over the Chinese New Year period, although trading for this period was an improvement over last year. Overall gross margin improved significantly when compared to the first half of 2013.

 

Whilst the business continues to perform well, the Company remains reliant on transferring funds out of China, or raising additional capital, to meet the ongoing costs of Sorbic International plc. As at 31 March 2014, the Company had in excess of £6 million in its bank in China.

 

In respect of Sorbic's negotiations in Inner Mongolia, the Company is now engaged in detailed discussions within an agreed framework and will provide a further update as these negotiations develop.

 

Sorbic also announces today that it has appointed Hybridan LLP as sole broker with immediate effect.

 

John Mclean, Non-Executive Chairman of the Company, said: "The Company has performed well for the six month period to 31 March 2014. The Board is pleased to report further improvements in revenue and gross margins since December and we look forward to providing a fuller update at the Company's interim results in June."

 

- Ends-

 

 

For further information:

Sorbic International plc

Tel: +44 (0) 7768 031 454

John McLean, Chairman

www.sorbicinternational.com

finnCap, Nomad

Geoff Nash / Ben Thompson

Tel: +44 (0) 20 7600 1658

Hybridan, Broker

Claire Louise Noyce

Tel: +44 (0) 20 7947 4350

 

Media enquiries:

Abchurch Communications

Joanne Shears / Canace Wong

Tel: +44 (0) 20 7398 7714

canace.wong@abchurch-group.com

www.abchurch-group.com

 

Notes to Editors: www.sorbicinternational.com

 

About Sorbic International plc

Sorbic International's principal activity is the production and sale of the food preservatives Sorbic Acid and Potassium Sorbate from its base in Linyi City, Shandong Province, Peoples Republic of China, of which more than half is sold outside of China.

 

Sorbic Acid is a naturally occurring organic compound that is used in all kinds of foods for its anti-decomposition and anti-fungus function and also in grains, medicines, cosmetics, toothpaste, tobacco, animal feed, latex, paper-manufacturing and pesticides. Potassium Sorbate is used to inhibit moulds and yeasts in many foods, such as cheese, wine, yogurt, dried meat, baked goods, cosmetics and pharmaceuticals.

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCZKLFLZZFLBBX
12
Date   Source Headline
30th Jun 201512:40 pmRNSInterim Results
19th Jun 20151:35 pmRNSResignation of ISDX Corporate Adviser
16th Jun 20157:00 amRNSResignation of Nominated Adviser
7th May 201512:20 pmRNSResult of AGM
7th May 20157:00 amRNSUpdate on suspension
1st May 20157:00 amRNSSuspension of trading
30th Apr 20157:30 amRNSSuspension - Sorbic International Plc
22nd Apr 20157:16 amRNSBoard changes and update on fund's transfer
31st Mar 20157:00 amRNSNotice of AGM and Posting of R&As
19th Jan 20157:00 amRNSPreliminary Unaudited Results
19th Jan 20157:00 amRNSDirector Appointment
22nd Dec 20147:00 amRNSUpdate on Loan Notes and Notice of Results
10th Dec 20147:00 amRNSIssue of Equity Correction
9th Dec 20142:30 pmRNSIssue of Equity Correction
8th Dec 20147:00 amRNSIssue of Equity
10th Nov 20147:00 amRNSTrading Update
29th Aug 20147:00 amRNSRoll Over of Loan Notes
15th Jul 201410:45 amRNSResult of General Meeting
27th Jun 20143:15 pmRNSNotice of General Meeting
23rd Jun 20143:20 pmRNSFundraising of £0.25 million
23rd Jun 20143:15 pmRNSInterim Results
30th Apr 20147:00 amRNSTrading Update and Change of Broker
25th Feb 201411:30 amRNSResult of AGM
25th Feb 20147:00 amRNSAGM Statement
31st Jan 20147:00 amRNSTrading Update
16th Dec 20137:00 amRNSHolding(s) in Company
10th Dec 20137:00 amRNSPreliminary Unaudited Results
21st Oct 20137:00 amRNSTrading Update and Notice of Results
25th Sep 20139:10 amRNSNotification of Shareholding
11th Sep 20137:23 amRNSNotification of Shareholding
2nd Sep 20133:40 pmRNSChange of Registered Office
17th Jun 20137:00 amRNSInterim Results
30th May 20137:00 amRNSUpdate on Manufacturing Facilities
23rd Apr 201312:00 pmRNSResult of AGM
23rd Apr 20137:00 amRNSAGM Statement
3rd Apr 20137:00 amRNSBoard Change
25th Mar 20131:30 pmRNSFundraising of £0.7 million
26th Feb 201311:30 amRNSRoll over of Loan Notes and funding update
18th Jan 201311:00 amRNSNotification of Shareholding
31st Dec 20127:00 amRNSAgreement with APAC Chemical Corporation
20th Dec 20127:00 amRNSFurther update on Loan Notes
21st Nov 20127:00 amRNSPreliminary Results
4th Oct 20127:00 amRNSTR-1 Notification of Major Interest in Shares
24th Sep 20127:00 amRNSNotification of Shareholding
9th Aug 20127:00 amRNSUpdate on Ulanqab City manufacturing facility
17th Jul 20127:00 amRNSUpdate on Ulanqab City manufacturing facility
28th Jun 20127:00 amRNSInterim Results
28th Mar 201212:00 pmRNSResult of AGM
26th Mar 20123:00 pmRNSUpdate on Ulanqab City manufacturing facility
22nd Feb 201212:30 pmRNSPlacing to raise £0.7 million
12

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.