News blog
China Food Company
- BY: Andrew Hore |
- POSTED: 21/11/2011 |
House broker finnCap has placed its forecasts for China Food Company under review after the soya sauce manufacturer’s trading warning last Friday.
The previous 2011 profit forecast was £5.6m, up from £3.6m in 2010.
CFC has signed a large number of new distributors for premium soya sauce Xaka but listing fees have to be paid to these distributors and sales are yet to come through. Revenue expectations for the extremely important fourth quarter were too ambitious. This may have a knock on effect on anticipated new product sales of £20m for 2012.
Talks continue about the disposal of the feeds division, which would help ti finance expansion of the core activities. The division is trading ahead of the previous year.
At 31p a share, CFC is valued at £22.2m. The shares fell by one-fifth after the trading statement.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFNovember2011_26.pdf
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