(CFC) China Food Co
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| 15-12-11 | RNS |
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RNS Number : 9800T China Food Company PLC 15 December 2011
China Food Company Plc
("China Food" or the "Company")
Trading Update
China Food Company plc (AIM: CFC), a leading Chinese manufacturer of cooking and dipping sauces, today provides an update on trading.
Further to the announcement of 18 November 2011, the Company is pleased to announce that:
The Company expects to start 2012 with good momentum and will update shareholders on further progress and the outlook for 2012 following Chinese New Year in late January.
- Ends -
For further information:
Media enquiries:
Notes to Editors: China Food is a well-established food manufacturing business based in Shandong province in the People's Republic of China, a region with a population of circa 94 million. A recent report identified Shandong province as one of the five most attractive 'city clusters' in China, due to the high number of large cities in the province*. The Group manufactures numerous different product lines including soya sauce and bean paste, all targeting the Chinese domestic market, and sold through a network of distributors and outlets of supermarket chains in the north-eastern region of the PRC, such as Tesco, Walmart, Carrefour and Jialejia.
The Chinese sauces, dressings and condiments market is expected to be worth CNY115 billion (US$15 billion) by 2013**, driven by Chinese population growth and economic prosperity. The Chinese domestic market is rapidly expanding, and the Group is well positioned to benefit from China's demographic growth and increased urbanisation.
The first phase of expansion is now complete at the Group's new factory, which was officially opened on 12 May 2010, and this doubles China Food's current capacity. It is proposed that in due course there will be a further two phases, adding capacity of 100,000 tonnes through the building of 230 additional silos. The Group plans to expand into the neighbouring provinces such as Henan and Hebei.
The Group also operates an animal feed business, Fuss Feed. This business produces premix, concentrate and compound feedstuffs, and is the third largest animal feed business in Shandong, an important province for the production of livestock in China.
The Group's operations are highly scalable and able to support further growth, and with net assets of £37 million (as at 31 October 2011), the prospects for China Food are strong. Further information on China Food Company can be found at www.chinafoodcompany.com.
*McKinsey Quarterly Report: Is your emerging market strategy local enough?, April 2011 **Source: Datamonitor report: Sauces, Dressings and Condiments in China to 2013, April 2010
This information is provided by RNS The company news service from the London Stock Exchange More |
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| 18-11-11 | RNS |
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RNS Number : 3934S China Food Company PLC 18 November 2011
China Food Company Plc
("China Food" or the "Company")
Trading Update
China Food Company plc (AIM: CFC), a leading Chinese manufacturer of cooking and dipping sauces, today provides a further update on trading.
The Company is pleased to announce that the animal feeds business remains cash-flow positive and continues to perform positively and as at 30 September 2011 was trading up 8.5% year-on-year. As previously announced negotiations are continuing over the future of the feed business and the Company is now in detailed discussions.
In the condiments business, Hao Tai Tai soya sauce continues to trade robustly with sales up 17% year-on-year as at 30 September 2011. The Directors believe there is substantial room for Hao Tai Tai to increase sales further and in so doing, take up to 60% of the targeted new soya sauce production from China Food's new plant for its first year. The condiments business overall has seen an increase in sales of 12% year-on-year as at 30 September 2011.
The Company continues to sign up distributors and now has reached 71 regional distributors for 'Xaka', the Company's premium grade soya sauce. This figure exceeds management's expectations and represents a significant increase over the 34 distributors that the Company had already signed up as announced on 27 October 2011. These are first tier distributors which are now placing orders and complement the existing network of distributors that is already carrying the Company's products. The involvement of so many distributors is extremely encouraging and demonstrates how well the launch of Xaka has been received. This puts China Food in an excellent position going into 2012.
Whilst the rollout of Xaka continues to make good progress, the large uptake of distributors has introduced some short-term timing issues in the run up to the traditionally strong trading quarter prior to the Chinese New Year. Although the Company has commitments from these distributors, the timing issues will mean that anticipated sales will now not be realised in the current financial year and accordingly the Board now expects that the results for the year ending 31 December 2011 will be below market expectations. The Board will have a clearer view on the full impact of the delayed trading of Xaka following its Board meeting in early December 2011 and a further update will be issued at that time.
China Food's core business continues to trade robustly and the Board remains greatly encouraged by the future prospects for growth of the Xaka brand.
- Ends -
For further information:
Media enquiries:
Notes to Editors: China Food is a well-established food manufacturing business based in Shandong province in the People's Republic of China, a region with a population of circa 94 million. A recent report identified Shandong province as one of the five most attractive 'city clusters' in China, due to the high number of large cities in the province*. The Group manufactures numerous different product lines including soya sauce and bean paste, all targeting the Chinese domestic market, and sold through a network of distributors and outlets of supermarket chains in the north-eastern region of the PRC, such as Tesco, Walmart, Carrefour and Jialejia.
The Chinese sauces, dressings and condiments market is expected to be worth CNY115 billion (US$15 billion) by 2013**, driven by Chinese population growth and economic prosperity. The Chinese domestic market is rapidly expanding, and the Group is well positioned to benefit from China's demographic growth and increased urbanisation.
The first phase of expansion is now complete at the Group's new factory, which was officially opened on 12 May 2010, and this doubles China Food's current capacity. It is proposed that in due course there will be a further two phases, adding capacity of 100,000 tonnes through the building of 230 additional silos. The Group plans to expand into the neighbouring provinces such as Henan and Hebei.
The Group also operates an animal feed business, Fuss Feed. This business produces premix, concentrate and compound feedstuffs, and is the third largest animal feed business in Shandong, an important province for the production of livestock in China.
The Group's operations are highly scalable and able to support further growth, and with net assets of £37.8 million (as at 30 June 2011), the prospects for China Food are strong. Further information on China Food Company can be found at www.chinafoodcompany.com.
*McKinsey Quarterly Report: Is your emerging market strategy local enough?, April 2011 **Source: Datamonitor report: Sauces, Dressings and Condiments in China to 2013, April 2010
This information is provided by RNS The company news service from the London Stock Exchange More |
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| 27-10-11 | RNS |
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RNS Number : 9211Q China Food Company PLC 27 October 2011
China Food Company Plc
("China Food" or the "Company")
Trading Update
China Food Company plc (AIM: CFC), a leading Chinese manufacturer of cooking and dipping sauces, today gives the following update on trading.
During the recent China Food Fair in Shenyang City, Liaoning Province, the Company is pleased to announce that it has now signed 34 regional distributors and is on target to sign a further 26 regional distributors for its 'Xaka' soya sauce, the Company's premium grade soya sauce. These are all first tier distributors with at least RMB30 million annual turnover and complement the existing network of distributors that is already carrying the Group's products. 'Xaka' won "Best new product of the China Food Association" and received many positive responses from both distributors and retailers who attended the Fair.
The China Food Fair is the largest trade food event in China organised by the China Food Association. It is held twice a year, in May and October. This year's October Fair in Shenyang City drew over 3,000 participants and over 300,000 trade visitors.
The Company also received very positive responses from consumers, especially in Jinan City, Shandong Province and Shenyang City, Liaoning Province where the Company rolled out test marketing of 'Xaka'. Management anticipates increased sales as all China Food's products are rolled out through the new distributors.
In addition to the above, the Company remains in discussion with many other distributors who have shown interest in the Company's broad product range and the Board will update the market on the resultant impact on sales in due course.
The Company also confirms that negotiations are continuing over the future of the feed business, and the management is now in detailed discussions with a number of parties. A further update will be made on this when appropriate.
- Ends -
For further information:
Media enquiries:
Notes to Editors: China Food is a well-established food manufacturing business based in Shandong province in the People's Republic of China, a region with a population of circa 94 million. A recent report identified Shandong province as one of the five most attractive 'city clusters' in China, due to the high number of large cities in the province*. The Group manufactures numerous different product lines including soya sauce and bean paste, all targeting the Chinese domestic market, and sold through a network of distributors and outlets of supermarket chains in the north-eastern region of the PRC, such as Tesco, Walmart, Carrefour and Jialejia.
The Chinese sauces, dressings and condiments market is expected to be worth CNY115 billion (US$15 billion) by 2013**, driven by Chinese population growth and economic prosperity. The Chinese domestic market is rapidly expanding, and the Group is well positioned to benefit from China's demographic growth and increased urbanisation.
The Group also operates an animal feed business, Fuss Feed. This business produces premix, concentrate and compound feedstuffs, and is the third largest animal feed business in Shandong, an important province for the production of livestock in China.
The Group's operations are highly scalable and able to support further growth, and with net assets of £37.8 million (as at 30 June 2011), the prospects for China Food are strong. Further information on China Food Company can be found at www.chinafoodcompany.com.
*McKinsey Quarterly Report: Is your emerging market strategy local enough?, April 2011 **Source: Datamonitor report: Sauces, Dressings and Condiments in China to 2013, April 2010
This information is provided by RNS The company news service from the London Stock Exchange More |
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| 20-10-11 | RNS |
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RNS Number : 5079Q China Food Company PLC 20 October 2011
China Food Company Plc
("China Food" or the "Company")
Revised Dividend Timetable
China Food Company plc (AIM: CFC), a leading Chinese manufacturer of cooking and dipping sauces, has revised its dividend timetable. The payment date and quantum remain the same:
The dividend is GBP0.0013 per share. - Ends -
For further information:
Media enquiries:
Notes to Editors: China Food is a well-established food manufacturing business based in Shandong province in the People's Republic of China, a region with a population of circa 94 million. A recent report identified Shandong province as one of the five most attractive 'city clusters' in China, due to the high number of large cities in the province*. The Group manufactures numerous different product lines including soya sauce and bean paste, all targeting the Chinese domestic market, and sold through a network of distributors and outlets of supermarket chains in the north-eastern region of the PRC, such as Tesco, Walmart, Carrefour and Jialejia.
The Chinese sauces, dressings and condiments market is expected to be worth CNY115 billion (US$15 billion) by 2013**, driven by Chinese population growth and economic prosperity. The Chinese domestic market is rapidly expanding, and the Group is well positioned to benefit from China's demographic growth and increased urbanisation.
The first phase of expansion is now complete at the Group's new factory, which was officially opened on 12 May 2010, and this doubles China Food's current capacity. It is proposed that in due course there will be a further two phases, adding capacity of 100,000 tonnes through the building of 230 additional silos. The Group plans to expand into the neighbouring provinces such as Henan and Hebei.
The Group also operates an animal feed business, Fuss Feed. This business produces premix, concentrate and compound feedstuffs, and is the third largest animal feed business in Shandong, an important province for the production of livestock in China.
The Group's operations are highly scalable and able to support further growth, and with net assets of £37.8 million (as at 30 June 2011), the prospects for China Food are strong. Further information on China Food Company can be found at www.chinafoodcompany.com.
*McKinsey Quarterly Report: Is your emerging market strategy local enough?, April 2011 **Source: Datamonitor report: Sauces, Dressings and Condiments in China to 2013, April 2010
This information is provided by RNS The company news service from the London Stock Exchange More |
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