25 Apr 2017 18:29
WORLD TRADE SYSTEMS PLC ("WTS")
Announcement of Annual Results for y/e 2016
As shareholders already know from previous announcements, WTS is in the midst of seeking to have its shares relisted for trading on the Standard Segment of the Official List on the London Stock Exchange. It is in this context that the Board is pleased to announce its results for the year ending December 31, 2016. For the first time in more than ten (10) years, these results reflect the activities of an active business being carried on by WTS's wholly owned subsidiary in China, Shimao (Suzhou) Bio-technology Co., Ltd ("WTS China").
WTS China was established in June of 2016 and commenced operations in July 2016. Accordingly, the consolidated audited financial statements approved by the Board of Directors for presentation at the next Annual General Meeting, reflect almost six months of active business operations.
WTS China's business is the manufacture, distribution and sale of a range of health food products, including functional drinks containing collagen and other natural ingredients, and providing health and beauty enhancing benefits to customers.
In the first 6 months of operations WTS China's business has generated GBP8.69 million in total revenue with profits before tax of GBP 906,000. As a result of this profit generation, WTS's overall net liabilities have been reduced from over GBP1.1 million to GBP 407,000.
WTS and WTS China (the "Group") together now employ more than 60 staff, including managers and senior executives, and also including a complement of 5 accounting and administrative personnel who collate and monitor the Group's financial operations under the guidance of the Board and the Executive Director ( Finance) out of the Group's head offices located in Amersham, just outside London. More than 200 distributors are engaged by WTS China in marketing its products in China and the Group is planning to expand its distribution network both in China and introduce further products from international suppliers in the coming year.
As Chairman of the Group, I am pleased and proud to be able to make this announcement at this time and the Board looks forward to providing shareholders with further information on the Group's development and plans in the coming months.
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Robert Lee-Chairman
April 25, 2017
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