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Naibu Global Intl Co (NBU)

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Monday 09 December, 2013

Naibu Global Intl Co

Trading Update

RNS Number : 9802U
Naibu Global International Co PLC
09 December 2013
 

 

 


9 December 2013

 

 

Naibu Global International Company Plc

 

("Naibu" or the "Company")

 

Trading Update

 

The Board of Naibu Global International Company Plc (AIM:NBU), a leading Chinese manufacturer and supplier of branded sportswear, is pleased to provide the following trading update and to confirm that the Company's results for the current financial year are expected to be in line with market expectations.

 

Spring and Summer Fair

During October 2013, the Company held its seasonal sales fair with distributors to showcase its 2014 spring and summer collection.  The Board is pleased to report that the value of sales orders taken at this fair showed a 7.5 per cent. increase on the equivalent fair held in the previous year.

 

Production Facilities

 

Quangang

The Board is also pleased to announce that the Company has now completed the acquisition of its new plant in Quangang for RMB157 million, which was paid in full during September and October 2013.

 

The Company is currently in the process of constructing six new production lines, and transferring two of the four lines previously installed at Shishi, to Quangang.  The new factory is now expected to be operational by the end of February 2014, a delay of two months from the original anticipated start date.  In the interim period, the Company has made arrangements with its original equipment manufacturers ("OEM") suppliers such that the delay will not result in any disruption to production and will have a minimal impact on its results.

 

Jinjiang

The four existing lines at Jinjiang will continue production until the Quangang factory is in operation.  Once operational, the four existing lines will cease production and be replaced with the remaining two lines previously at Shishi.

 

Shishi

As previously announced, the lease on the Shishi plant has expired and the Company has vacated the site.

 

Dazhu

In respect of the acquisition of land use rights at Dazhu, the Company has paid RMB8 million in September 2013.  An additional amount of approximately RMB10 million is due to be paid in December 2013 and the remaining balance of approximately RMB42 million is payable in May 2014.

 

Construction of the Dazhu factory is expected to start in the middle of 2014 and be operational by the beginning of 2016.

 

Huoyan Lin, Executive Chairman of Naibu Global International Company Plc, said: "The Board is pleased to report this increase of 7.5% in orders following the recent sales fair showcasing the 2014 spring and summer collection and, which demonstrates the continuing growth in demand for Naibu's products.  With the new factory in Quangang becoming operational in February 2014, and the commencement of construction of the factory in Dazhu in mid 2014, the Board is confident the Company is well positioned to capture this significant potential for future growth."

 

- Ends -

 

 

For further information:

Naibu Global International Company Plc


Huoyan Lin, Executive Chairman

Tel: +44 (0) 20 7398 7702

Li Zhen, Chief Financial Officer

www.naibu.com

 

Daniel Stewart & Company Plc

Tel: +44 (0) 20 7776 6550

Paul Shackleton / Martin Lampshire

www.danielstewart.co.uk

 

Media enquiries:

Abchurch


Henry Harrison-Topham / Joanne Shears

Tel: +44 (0) 20 7398 7702

[email protected]

www.abchurch-group.com

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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