Sorbic Expects Full-Year Results To Exceed Market Expectations

LONDON (Alliance News) - Sorbic International PLC Monday said it expects its full-year results to exceed market expectations after earnings before interest, tax, depreciation and amortisation increased in the period to August 31, with margins showing "significant improvement".

Sorbic shares rose 13% to 10.75 pence following the news Monday morning.

Sorbic, which produces the food preservatives Sorbic Acid and Potassium Sorbate, also said it remains involved in negotiations over its facility in Inner Mongolia and would give an update in due course.

On March 23, 2012, Sorbic received official notification from the Ulanqab, Inner Mongolia local authority that the industrial zone, in which Sorbic's manufacturing facility is situated, had been identified as an area to be rezoned.

The company has since been in talks with local authorities in order to agree a compensation package for the relocation of Sorbic's manufacturing facility.

Sorbic said it is looking at a number of options and that it will appoint an adviser to assist in the development of its long-term strategy.

Sorbic said it will publish its preliminary results for the year ended September 30 on December 10.

By Samuel Agini; samagini@alliancenews.com; @samuelagini

Copyright 2013 Alliance News Limited. All Rights Reserved.

Comments

Popular posts from this blog