China Rerun Chemical Group Ltd Trading Statement (8188A)
25 2월 2014 - 4:00PM
UK Regulatory
TIDMCHRR
RNS Number : 8188A
China Rerun Chemical Group Ltd
25 February 2014
CHINA RERUN CHEMICAL GROUP LTD
("China Rerun", the "Company" or "Rerun")
Trading Update
China Rerun Chemical Group Ltd (CHRR.L), the producer of
lubricant products for the People's Republic of China's ("PRC")
domestic automotive, industrial and agricultural markets, makes the
following update on trading for the three months from 1 September
to 30 November 2013 (unaudited) ("the quarter" or the "period"),
the Company's first trading quarter of the year ("Q1 2014").
-- Sales for the period grew by 51.41% from RMB54.82m (Q1 2013)
to RMB83m (Q1 2014) and like-for-like sales volume was 4,046,711
litres, up 46.72%. It is important to note that Q1 2013 sales
growth and volume was lower than expected and the Company does not
expect such similar rates of quarter to quarter growth on a like
for like basis going forward. However, the positive performance is
encouraging and demonstrates the structure and growth plans the
Company has put in place are working.
-- Gross margins were 28.8% for the period, a slight improvement
on FY2013 of 26.1% (Q1 2013: 30.1%) as a result of increasing brand
recognition and higher product quality allowing for sale price
increases. The terms of the Company's contracts held with its
distributors help to insulate its margins from inflationary
pressure of raw material increases. In addition, as volumes
continue to increase, the Company is benefitting from economies of
scale.
-- The Company is pleased to announce a ten year joint
partnership with Tianxia Runyuan (Beijing) Technolgy Co.,
Ltd("Tianxia") to sell Rerun branded products in approximately 300
new cities which are not currently covered by the Company's
existing distribution network. Tianxia has an experienced
management team with 15 years' experience in the lubricants
industry and has developed a network of more than 600
distributors.
Commenting, Mr Xinghe Wu, Executive Chairman of China Rerun
said:
"We have made a strong start to the new financial year driven by
our product quality and high demand. The steps we have taken to
reorganise our sales and distribution teams are now coming into
effect and we are confident that we have a robust base to support
increasing sales of our products and the future expansion of our
business. We are optimistic about the sales potential of our new
distribution agreement and we look forward to working with Tianxia
to increase further our geographical presence and market
share."
Indicative exchange rate as at 30 November 2013: GBP1: RMB
10.01
Source: www.oanda.com
For enquiries, please visit www.chinarerun.com/or contact:
China Rerun Xinghe Wu +86 459 666 9777
Yan Liu www.chinarerun.com/
Nick Lyth +44 776 990 6686
-------------------------- ----------------------- -----------------------------
Cairn Financial Advisers
LLP Jo Turner
(Nominated Adviser) Liam Murray +44 20 7148 7900
-------------------------- ----------------------- -----------------------------
Beaufort Securities
Limited Chris Rourke
(Broker) Guy Wheatley +44 20 7382 8300
-------------------------- ----------------------- -----------------------------
Cardew Group Shan Shan Willenbrock +44 20 7930 0777
(Financial PR) Georgina Hall
Tom Horsman chinarerun@cardewgroup.com.
-------------------------- ----------------------- -----------------------------
Notes to Editors
China Rerun Chemical Group Ltd is an established and profitable
producer of lubricant products for the PRC's domestic automotive,
industrial and agricultural markets. Based in Daqing, northeastern
China, it operates principally under the "Runyuan" and "Black E"
brands. The Group's products are sold to end users through a
network of third party distributors, some of whom operate branded
automotive garages.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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