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RELEASE OF THE INTERIM RESULTS FOR THE FIRST SIX MONTHS OF 2007 : News archive
25 September 2007
Ukrproduct Group released the interim results for the first six months ended 30 June 2007. The group net revenues of £21.9 million were up 26% in comparison with the first half of 2006 (£17.4 million). The Group's underlying operating performance fully recovered and achieved significant progress: EBIT increased by 160% to £1.8 million from £0.7 million in the first half of 2006. Net profit increased by 150% to £1.6 million (£0.6 million in H1 2006). Gross margin has improved considerably to 21.8% from 20.1% in 2006.
Commenting on the interim results, Iryna Yevets, Chief Executive of Ukrproduct Group Ltd., said:
'Trading overall has been ahead of budget with the core product segments showing strong progress. During this period, the Group made substantial progress in many areas of the business, including the implementation of a programme for the improvement of milk quality and accreditation of the Starkon Plant to HASSP (Health Approved Safety Standards Protection) and ISO 22000 standards.
At the operating level, the Group remains cash generative, and the capital expenditure programme continues to plan. In the first half the Group increased the bank borrowing modestly in order to fund the completion of the hard cheese plant and to finalise the seasonal forward storage - both of which are now accomplished. Subsequently, the levels of bank debt are being reduced, and the finance costs are decreasing.
We are pleased with the overall trading and performance of the Group. In the light of the encouraging financial results, the Board has approved an interim dividend of 0.60 pence per share (0.1p in the first half of 2006) to the shareholders on record as at 5 October 2007 payable on 26 October 2007. The Board looks forward to presenting a further set of good figures at the end of the financial year.'
The full text of the announcement of the final results can be found using the following hyperlink. |
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