8th Feb 2012 07:00
CERES MEDIA INTERNATIONAL PLC ("Ceres", "the Company" or "the Group") Trading update
Further to the announcement made 19 December 2011, the Company has now resolved the technical issues associated with the production of its TierraFilm range and has taken delivery of stock of this product and, upon receipt of an order, can be immediately delivered. The TierraFilm products are currently being trialled by distributors, printers and end users and the feedback received by the Company from the trials has been positive.
TierraFilm products are designed as an environmental alternative to the coated paper or oil based materials typically used in the print industry. They are manufactured using Sustainable Forestry InitiativeTM (SFI) certified raw materials and can be disposed of in existing biodegradation, composting or Energy From Waste systems removing the need to landfill.
Delays in scaling up production and bringing TierraFilm to the market together with the slower than anticipated take-up of Gossyp and Chorus products, as previously announced, have had a consequential impact on the Company's working capital position, which the board is monitoring closely. The board has also taken action to reduce the cost base of the Company in order to conserve its cash position.
The sales of Chorus and Gossyp, the Company's other principal products, continue to be significantly below the board's expectations and the Company is continuing to refocus its sales strategy in relation to these products.
A further update will be made in due course.
For further information, please contact:
Ceres Media International PLC Tel: 020 3178 5622 Alex Dowdeswell Leslie Barber Nominated Adviser Tel: 020 7148 7900 Cairn Financial Advisers LLP Jo Turner / Liam Murray Broker Tel: 020 3002 2070 First Columbus LLP
Chris Crawford / Kelly Gardiner Financial PR Tel: 020 7556 1063 De Facto Financial
Mike Wort / Anna Dunphy
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