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Focus now on marketing for China Food
by sharecast.com - 12/04/2011
"China Food, the Chinese manufacturer of cooking and dipping sauces, is reviewing its options for its profitable animal feed business as it prepares for a big marketing push on the condiments side of the business. "
“Feed is a lovely business in one respect,” company chairman John McLean told Sharecast. “It is cash flow positive and the business model is relatively easy to manage. That’s the positive side. On the other hand, it is subject to a whole lot of external factors to which we have to adapt.”
The company is considering a number of options for the feed business, which grew pre-tax profits by 59.6% in 2010, including spinning off the business or merging it with another.
Having spent time building up its manufacturing capacity for condiments, the company is now ready for its “third phase of development” in which it will seek to market its brands more vigorously in the company’s heartland of the province of Shandong, the agricultural capital of China, and neighbouring provinces.
The company is already on a growth path, with revenue in 2010 rising by 19.1% to £35.9m from £30.9m in 2009, while profit before tax increased by just under one-third to £3.8m from £2.8m the year before.
Net debt at the end of 2010 had risen to £9.3m from £5.8m at the end of 2009. The company has bank loans to the value of about £7m and these should be sufficient for the company’s needs for the foreseeable future, McLean said.
The company does not currently pay dividends but it has started a capital restructuring exercise that would recapitalise the parent holding company's losses and enable the UK company to issue dividends in the future.
As highlighted in last year's interim statement, the board will consider a maiden dividend later in the year, following the six months to 30 June 2011.
While declining to reveal the size of the dividend the company is contemplating, non-executive chairman John McLean alluded to an ancient Chinese proverb that every long journey starts with a small step.
More Details: http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=4167794
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