21st Oct 2013 07:00
Press Release | 21 October 2013 |
Sorbic International Plc
("Sorbic" or the "Company")
Trading Update and Notice of Results
Sorbic International plc (AIM:SORB), the third largest sorbates producer in China, today gives the following update on trading.
The Company is pleased to announce that trading for the period to 31 August 2013 was ahead of expectations, with EBITDA increasing and margins showing significant improvement. The Board is pleased with the Company's performance and anticipates that results for the full year will exceed market expectations. The Company is in ongoing negotiations with regard to Sorbic's facility in Inner Mongolia, as previously announced, and a further update will be provided in due course.
The Board is currently evaluating the Company's options and will be appointing an adviser to assist in developing its long term strategy.
The Company also announces that it will be reporting its preliminary results for the year ended 30 September 2013 on Tuesday 10 December 2013.
- Ends -
For further information: | |
Sorbic International plc | Tel: +44 (0)7768 031 454 |
John McLean, Chairman | www.sorbicinternational.com |
finnCap | |
Geoff Nash / Ben Thompson Simon Starr (broking) | Tel: +44 (0) 20 7600 1658 |
Media enquiries:
Abchurch Communications | |
Henry Harrison-Topham / Joanne Shears | Tel: +44 (0)20 7398 7709 |
www.abchurch-group.com |
Notes to Editors: www.sorbicinternational.com
About Sorbic International plc
Sorbic International's principal activity is the production and sale of the food preservatives Sorbic Acid and Potassium Sorbate from its base in Linyi City, Shandong Province, Peoples Republic of China. Approximately half of Sorbic International's production is sold to overseas markets, across 46 countries and half into the Chinese domestic market.
Sorbic Acid is a naturally occurring organic compound that is used in all kinds of foods for its anti-decomposition and anti-fungus function and also in grains, medicines, cosmetics, toothpaste, tobacco, animal feed, latex, paper-manufacturing and pesticides. Potassium Sorbate is used to inhibit moulds and yeasts in many foods, such as cheese, wine, yogurt, dried meat, baked goods, cosmetics and pharmaceuticals.
Related Shares:
Sorbic International