UK: China Food to build soya sauce distribution
UK-listed China Food Co. has secured 34 regional distributors for its Xaka soya sauce and is set to secure further customers, it said today (27 October).
The sauce maker said a further 26 regional distributors are on track to take on the product. It said all the distributors were "first-tier distributors with at least CNY30m (US$4.7m) of turnover" and "complement" its existing network.
China Food said it is is well positioned to benefit from China's demographic growth and increased urbanisation and that the prospects for the company are "strong".
In addition, the company remains in discussion with other distributors who have shown interest in its product range. China Food confirmed that discussions with parties are continuing over the future of its animal feed business, Fuss Feed.
China Food reported a drop in profits for the first half of the year to GBP686,000 (US$1.1m) compared to GBP4m the same period last year.
However, EBITDA increased 6.9% to GBP2.6m for the six months ended 30 June. Revenue climbed 9.6% to GBP18.8m as condiments sales increased 18.4%. Feed sales were up 7.1%.
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