Ukraine based dairy food producer and distributor Ukrproduct Group has announced rises in sales and net profit for 2004.

Ukrproduct, the first Ukrainian trading group to be listed in London, announced sales of £27.1m (US$50.9m), compared with £17.6m the previous year, to the London stock exchange.

Net profit was £1.4m, compared with £1.1m in 2003.

"The group has reported significant progress in sales and profits, this growth has continued into the first quarter of 2005," said chief executive Sergey Evlanchik.  "Over the next few years we shall continue to review the efficiency of our operations based on scale, improved logistical and sales capabilities, as well as via penetration of more profitable business segments."

"Our proven business model, together with our success in a dynamically evolving environment, supports our confidence that we will be able to improve our performance yet further, for the long-term benefit of our shareholders," he said.