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PureCircle Limited (PURE)

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Friday 20 September, 2019

PureCircle Limited

Postponement of Results

RNS Number : 1805N
PureCircle Limited
20 September 2019
 

 

Postponement of results announcement

PureCircle (LSE: PURE) (the "Company" and together with its subsidiary undertakings, the "Group"), the world's leading producer and innovator of great tasting stevia sweeteners for the global food and beverage industry, announces that it is postponing the publication of its results for the year ended 30 June 2019, which was scheduled to take place on Monday 23 September 2019.

During the course of the audit of the Group's financial statements for the year ended 30 June 2019, a potential issue relating to the classification and valuation of certain inventory items was identified by the Group's auditors, PricewaterhouseCoopers. The Company and its professional advisers have commenced an investigation, which is expected to take a number of weeks. The Company will make further announcements as the results of the investigation become known.

At this stage of the investigation, the Company is unable to determine whether or not the potential issue is material or whether it is limited to the year ended 30 June 2019. There can be no certainty as to quantum at this stage in the process, but the Company currently believes the aggregate amount of the potential issue could be up to US$30 million. Based on the initial indications from the investigation, the Company and its professional advisers have seen no indication that the potential issue has any impact on the net debt of the Group or the cash generation of the business.

As a consequence of the identification of the potential issue, the Company will be approaching its banks and will seek appropriate waivers under its banking arrangements as required.

20 September 2019

 

Enquiries:

 

Investors/Analysts

 

Rakesh Sinha, CFO

Email: [email protected]

 

Newgate Communications, Media Relations

Elisabeth Cowell

Giles Croot

Email: [email protected] 

Phone: +44 (0) 20 3757 6880

 

Notes to Editors

 

About PureCircle

·      PureCircle is the only company that combines advanced R&D with full vertical integration from farm to high-quality, great-tasting innovative stevia sweeteners.

·      The Company collaborates with farmers who grow the stevia plants and with food and beverage companies which seek to improve their low- and no-calorie formulations using a sweetener from plants.

·      PureCircle will continue to: lead in research, development and innovation; produce a growing supply of multiple varieties of stevia sweeteners with sugar-like taste, using all necessary and appropriate methods of production; and be a resource and innovation partner for food and beverage companies.

·      PureCircle stevia flavor modifiers work in synergy with sweeteners to improve the taste, mouthfeel and calorie profile, and enhance the cost effectiveness, of beverage and food products.

·      Founded in 2002, PureCircle is continually investing in breakthrough research and development and it has been granted over 100 stevia-related patents with more than 250 applied for patents pending.

·      PureCircle has offices around the world with the global headquarters in Chicago, Illinois.

·      To meet growing demand for stevia sweeteners, PureCircle is rapidly ramping up its supply capability. It completed expansion of its Malaysian stevia extract facility in March 2017, increasing its capacity to rapidly supply the newer and great-tasting specialty stevia sweeteners and helping provide ever-increasing value to its customers.

·      PureCircle's shares are listed on the main market of the London Stock Exchange.

·      For more information, visit: www.purecircle.com 

 

 

About stevia

·      Given the growing global concerns about obesity and diabetes, beverage and food companies are working responsibly to reduce sugar and calories in their products, responding to both consumers and health and wellness advocates. Sweeteners from the stevia plant offer sugar-like taste and are becoming an increasingly important tool for these companies.

·      Like sugar, stevia sweeteners are from plants. But unlike sugar, they enable low-calorie and zero-calorie formulations of beverages and foods.

·      Stevia leaf extract is a natural-based, zero calorie, high-intensity sweetener, used by global food and beverage companies as a great-tasting zero-calorie alternative to sugar and artificial sweeteners.

·      Stevia is a naturally sweet plant native to South America; today, it is grown around the world, notably in Kenya, China and the US.

·      The sweet-tasting parts of the stevia leaf are up to 350 times sweeter than sugar: stevia's high-intensity sweetness means it requires far less water and land than sugar.

·      Research has shown that the molecules of the stevia leaf are present and unchanged in the dried stevia leaf, through the commercial extraction and purification process, and in the final stevia leaf extract product. All major global regulatory organisations, across 65 countries, have approved the use of high-purity stevia leaf extracts in food and beverages.

·      For more information on the science of stevia, please visit https://www.purecirclesteviainstitute.com/  

 


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