10th Mar 2015 10:28
LONDON (Alliance News) - Aquatic Foods Group PLC Tuesday said it expects to report 2014 results in line with expectations, with unaudited management accounts showing its revenue rose to CNY856 million, from CNY667 million in 2013.
In a statement, the AIM-listed Chinese marine foods and seafood processor and producer said revenue grew across all its categories, with revenue from fish up about 29% and revenue from sea cucumber up 12%. Gross margins were broadly stable across all categories, and the figure was about 32% for the company as a whole, it added.
The company exports as well as providing for the Chinese market, but has been focusing on the local market. Revenue from exported products was about CNY79.5 million in 2014, or 9.3% of total revenue, down from 10.1% in 2013.
Aquatic said it had CNY193 million in cash at the end of 2014, or about GBP20 million, up from CNY153 million at the end of 2013. That excludes the GB9.3 million proceeds from its listing on AIM in February of 2014.
It expects to report its 2014 results in late April.
Aquatic Foods shares were up 0.9% at 58.00 pence Tuesday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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