PureCircle revenues take a hit as product launches get delayed
By Iain Gilbert
Date: Wednesday 03 Jul 2019
(Sharecast News) - Sweetener producer PureCircle warned on Wednesday that full-year revenues would be slightly behind its current range of expectations.
The company expects to post sales of around $125m from its "transitional year" as its latest stevia product, Reb M, overtook demand for its early generation products.
With the AIM-listed group reformulating several products, in some cases, customer product launches were rescheduled "to a later date", which moved its supply of products into the new financial year, rather than late in the second half of its 2019 trading year as had initially been anticipated.
Chief executive Maga Malsagov said: "Our innovation has enabled us to disrupt an industry which has a strong need for natural sugar alternatives and while short term this leads to substitution of our base business, we believe it positions us strongly for the future.
"Naturally, it is disappointing that some new reformulated product launches have shifted to the next financial year but our agenda is focused on mid to long term and our strong project pipeline emphasises that PureCircle has the right product portfolio to capitalise on the growing demand for great tasting stevia products globally."
At 1110 BST, PureCircle shares were down 3.55% at 238p.
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