Ukrproduct Regulatory News (UKR)

29 Jun 2005 07:00

Ukrproduct Group Ltd29 June 2005 29 June 2005 Ukrproduct Group Ltd ('the Group') AGM STATEMENT Speaking at Ukrproduct's first Annual General Meeting as an AIM listed company,Jack Rowell, Non-Executive Chairman of Ukrproduct Group Ltd made the followingcomments: "During 2004, the Group successfully achieved the challenging targets set out bythe Board and remains one of the most profitable and dynamic food businesses inUkraine. Net sales increased by 54% to £27 million, accompanied by improvedprofit margins resulting in a 42% increase to profits before tax of £1.7million. Excellent progress has been made in our core business segments, withestimated further increases of 10 and 6 percentage points respectively to ourleading market shares in the Ukrainian processed cheese and packaged buttermarkets. "Since the start of the current year trading has been in line with expectations,with further progress in all business segments. Our proven business model,together with our success in a dynamically evolving environment, supports ourconfidence that we will be able to improve our performance yet further in 2005,for the long-term benefit of our shareholders." For further information, contact: Ukrproduct Group +380 44 502 8014Sergey Evlanchik, CEODmitry Dragun, FD Financial Dynamics +44 (0) 207 831 3113Benjamin FosterCharles Watenphul Notes to editors Ukrproduct Group (UPG) is one of Ukraine's leading producers of branded foods.Headquartered in Kyiv and registered in Jersey, the company's main businessfocuses is the production and distribution of branded food products, namelypackaged butter and processed cheese, to wholesale and retail outlets in Ukrainethrough its own distribution network. UPG also produces skimmed milk powder forexport to countries across Europe as well as the Far East. UPG is the marketleader in the processed cheese and packaged butter segments, with estimatedmarket shares of 33% and 23% respectively. UPG is one of Ukraine's fastestgrowing companies within its sector, with compound average sales growth of 55%between 2001-2004. On 11 February 2005,Ukrproduct Group Ltd, became the first Ukrainian tradinggroup to be admitted to AIM. The company successfully placed 27.2% of its sharecapital at 53.5p per share, giving the company an initial market capitalisationof £22.5 million. UPG recently reported strong preliminary results for the yearended 31 December 2004. Sales rose to £27.1 million (2003: £17.6m) and PBTincreased to £1.7 million (2003: £1.2m). This information is provided by RNS The company news service from the London Stock Exchange