21st Oct 2013 10:11
LONDON (Alliance News) - Sorbic International PLC Monday said it expects its full-year results to exceed market expectations after earnings before interest, tax, depreciation and amortisation increased in the period to August 31, with margins showing "significant improvement".
Sorbic shares were up 13.2% at 10.75 pence Monday, following the news.
Sorbic, which produces the food preservatives, Sorbic Acid and Potassium Sorbate, also said it is still involved in negotiations over its facility in Inner Mongolia and would give an update in due course.
On March 23, 2012, Sorbic received official notification from the Ulanqab, Inner Mongolia local authority that the industrial zone, in which Sorbic's manufacturing facility is situated, had been identified as an area that may be rezoned as a city zone for urban planning.
The company has since been in talks with local authorities in order to agree a compensation package because of the relocation of Sorbic's manufacturing facility.
Sorbic said it is looking at a number of options and that it will appoint an adviser to assist in the development of its long term strategy.
Sorbic is set to publish its preliminary results for the year to September 30 on Tuesday December 10.
By Samuel Agini; [email protected]; @samuelagini
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