2 Aug 2017 13:48
WORLD TRADE SYSTEMS PLC ("Company" or "Group")
Announcement of Unaudited Half Yearly Condensed Consolidated Financial Report as at 30 June 2017
As shareholders already know from previous announcements, the Company is in the process of submitting its application 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 announcing its unaudited half yearly condensed consolidated financial report as at 30 June 2017. These results mainly reflect the business activities of the Company's wholly owned subsidiary in China, Shimao (Suzhou) Biotechnology Co., Ltd ("WTS China"), but also detail the efforts of the Company itself in seeking to diversify the China base through development of co-operative ventures with other international health food and health care companies. The Directors believe that the Group's future growth will be international as well as domestic Chinese, and will include expanding the depth and range of its health care and natural beauty enhancing products.
The Group only recommenced trading operations in July 2016 and therefore the 12-month period to 31 December 2016 is actually a six-month trading period and we therefore have effectively a comparison of the two most recent six-month trading periods ending 31 December 2016 and 30 June 2017 respectively.
The net profit for the Group for the period 1 January 2017 to 30 June 2017 was £ 1.862 million with the UK holding company registering a profit of £296,115 (compared with a loss of £234,000 for the 12 month period to 31 December 2016). This was primarily due to the positive effect of Kudrow Finance Limited ("Kudrow") waiving the accrued interest of £241,000 on its outstanding loans.
I am pleased and proud to be able to make this announcement at this time on behalf of the Board and all of the staff and employees of the Group who have been working so hard for the past year. The Board hopes to be able to report to shareholders continued positive results on the Group's development and plans in due course.
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Robert Lee
Chairman
More information can be found on the company's website www.worldtradesystemsplc.com.
For enquiry, please contact Executive Director, AKM Ismail, Tel: +44 (0)1494 590515, email: akm.ismail@wtscn.com.