Ukrproduct Regulatory News (UKR)

3 Jun 2005 13:00

Ukrproduct Group Ltd03 June 2005 Ukrproduct Group Ltd3 June 2005 UKRPRODUCT GROUP LTD ('UPG') Board Change Ukrproduct Group announces that Paul Williams, Non-Executive Director, hasdecided not to offer himself for election as a Director at the upcoming AGM on29 June, in order to pursue other business interests. Paul will stand down fromthe Board on 20 August 2005. Paul has been a Non-Executive Director of UPG since November 2004. Jack Rowell, Non-Executive Chairman, said, "On behalf of the Board, I would liketo say how grateful we are to Paul for the contribution he made during theGroup's successful flotation on AIM this year. We wish him every success in thefuture." For further information, contact: Ukrproduct GroupSergey Evlanchik, CEODmitry Dragun, FD+380 44 502 8014 Financial DynamicsBenjamin FosterCharles Watenphul+44 (0) 207 831 3113 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