Food and nutrition research company Clover Corp has posted a 53% increase year on year in sales during the three-month period to 30 September 2001.
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Clover’s chairman Hamish Drummond noted however: “Unfortunately, our cash burn rate for the same three months has not come down as I projected in my report and thus urgent reorganisation and restructuring needs to take place.”
Speaking at the company’s annual general meeting, Drummond said that he had been optimistic about growth rate at the group, until the 11 September terrorist attacks in the US, which prompted an international slowdown in all markets.
