24th Jun 2014 09:23
LONDON (Alliance News) - Anpario PLC Tuesday said it is on track to meet the market's full year profit expectations for 2014, but saw its shares slide after warning that gross profit and sales in the first half of the year will only be flat compared with last year due to the strength of sterling.
Anpario, which produces and distributes natural feed additives for animal health, hygiene and nutrition, said first-half volumes are ahead of last year.
The company said that it is implementing strategic initiatives in its key markets - Brazil, China and the US.
"Notably, initial sales for trial purposes have now been generated in the US and further large scale customer trials are anticipated to start later in the year," Chairman Richard Rose said in his statement ahead of the company's annual general meeting Tuesday.
Anpario said its cash position at June 23 was approximately GBP5.5 million.
The company said it will announce its interim results on September 10.
Anpario shares were trading 7.3% lower Tuesday morning, at 271.75 pence each.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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