TIDMAFG

RNS Number : 9515I

Aquatic Foods Group PLC

31 March 2015

 
 Press Release   31 March 2015

Aquatic Foods Group Plc

("Aquatic Foods", the "Company" or the "Group")

Statement re. share price

The Directors of Aquatic Foods Group Plc (AIM: AFG), a leading Chinese marine foods and seafood processor and producer, supplying to export and local markets, are not aware of any reason for the recent fall in share price. This fall has occurred despite no trading volume over the last week in the Company's shares.

As stated in the Trading Update issued by the Company on 10 March 2015, the Board confirmed that the Company expects to report consolidated results in line with expectations for the financial year ended 31 December 2014. Unaudited management accounts show revenues reaching approximately RMB 856 million (GBP89.1 million*), a 28% increase on the prior year (2013: RMB 667 million). Aquatic Foods remains highly cash generative and the Group maintains its strong balance sheet with cash as at 31 December 2014 amounting to RMB 193 million approximately GBP20 million (2013: RMB 153 million). This robust cash position excludes the proceeds from the Placing and Admission to AIM, which occurred post period end on 3 February 2014 and totalled GBP 9.3 million before expenses.

The Group expects to announce its Preliminary Results for the year ended 31 December 2014 in late April 2015 at which point it plans to hold an analyst briefing. Further details will be announced in due course.

* For illustrative purposes the exchange rate as at 31 December 2014 was 1 GBP: 9.6 RMB.

- Ends -

For further information:

 
 Aquatic Foods Group Plc 
 Sean Lim, Finance Director           Tel: +44 (0) 20 
                                            7398 7719 
 John McLean, Deputy Chairman   www.aquatic-foods.com 
 
 
 SP Angel Corporate Finance LLP 
  Nominated Adviser and Broker 
 Stuart Gledhill / Liz Yong         Tel: +44 (0) 20 
                                          3470 0470 
                                  www.spangel.co.uk

Media enquiries:

 
 Abchurch Communications Limited 
 Henry Harrison-Topham / Jamie            Tel: +44 (0) 20 
  Hooper / Canace Wong                          7398 7719 
 AquaticFoods@abchurch-group.com   www.abchurch-group.com

Notes to Editors:

Aquatic Foods Group is a leading marine foods and seafood processor and supplier based in China. The Group initially built its business through focusing on the export market (principally Japan under the "Kanwa Foods" brand), and subsequently established the "Zhenhaitang" brand in 2007 in mainland China to take advantage of the growing market driven by growing disposable income within the Chinese middle-classes and a more health conscious consumer base.

The Group benefits from excellent food safety procedures developed over many years which have helped the Group to build a strong track record of supplying its products into overseas markets. This track record has enhanced the perception of the quality and reliability of the Group's products in China and has allowed the Group to expand significantly into local markets as demand for seafood products has increased. In a market that has seen regular public health scares relating to food safety, the Group considers that its adherence to these standards to be a key strength. The Group has obtained the following key standards:

   -      ISO 9001 Quality Management System certification 
   -      HACCP Food Safety System certification 
   -      BRC certification; and 
   -      Marine Stewardship Council certification

Aquatic Foods works with a network of distributors to effectively market its products in China. The Group has continued to grow its distributor relationships and now distributes its products in 16 provinces, municipalities and autonomous regions in China through 50 regional distributors. These distributors in turn sell the Group's products to sub-distributors and retailers, including supermarket chains and hypermarkets.

Further information can be viewed at www.aquatic-foods.com.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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