PureCircle Limited Announces Trading Results for the First Half Ended December 31, 2016; Provides Group Earnings Guidance for the First Half of 2017
The group expects gross margin, EBITDA and net profit to be lower compared to first half of 2016 due to the aforementioned US CBP detainment order. The cost of this weighed on margins in first half, though expect margins to be restored to previous levels once the issue has been resolved. Group gross profit for the first half is expected to be $18 million, a decline of 19% against first half of 2016 of $22 million and EBITDA is expected to be $8 million, a decrease of $5 million, reflecting the lower sales and adverse margins. The group's net loss is expected to be $2 million.