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China Food Company

  • BY: Andrew Hore |
  • POSTED: 19/02/2010 |

China Food Company says that 2009 trading was slightly ahead of expectations and it will start trial production at its new facility by May.

This facility will significantly increase CFC’s production of soya sauce. Trading activity is picking up with the gift market returning. The range of condiments is being widened to include olive oil.

CFC raised £3m from a convertible loan at the end of November 2009. The loan notes will be quoted on Plus-quoted. This gives it enough cash to complete the new facility at Shou Guang City. 

House broker FinnCap upgraded its 2009 revenue forecast from £28.9m to £30m and profits from £2.6m to £2.75m. The broker has kept its 2010 profit forecast at £3.8m.

At 28.5p a share, CFC is valued at £18.9m. The shares are trading on less than eight times prospective 2010 earnings.

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