Sorbic acid and potassium sorbate producer Sorbic International has been hit by production problems.
Late last year, a power shortage due to snow and the improvements to a water treatment plant disrupted production for a total of 19 days. In January, more snow hit production over seven days. Excluding these disruptions, trading is in line with expectations.
The interim results will be published in late May.
Sorbic expects to commence construction of two new lines at Ulanqab city, Inner Mongolia in April.
Albany Capital, which owns 20.4% of Sorbic, has increased its loan facility to the company from £300,000 to £500,000. the interest rate is 7.5%.
Chief executive Ang Wee Boon is stepping down at the end of April and will be replaced on an interim basis by Wang Yan Ting. Sorbic will seek a long-term candidate for the role.
At 24p a share, down 1.5p on the day, Sorbic is valued at £8.01m.
© 2007 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Geospatial data analyser 1Spatial is raising £18m at 6p a share in order to help finance the purchase of 75.14% of Star-Apic and the opening of a sales and support centre in the Middle East.
Advanced Power Components (APC) is buying out the minority shareholders in energy saving technologies supplier Minimise.
Warehouse data systems services provider Belgravium Technologies says that the current financial year has started slowly.
Online conveyancing services provider In-Deed Online says that trading remains challenging.