22-July-2015,
Nairobi -Flame Tree Group (“FTG”), the Pan African consumer manufacturing group, is pleased to provide a trading update for the six-month period to 30 June 2015. The unaudited interim results for the 6 months to 30 June 2015 are expected to be released in late August 2015.
The first half of 2015 has been positive for the Group with financial performance expected to be better than management expectations. This is due to a number of factors including the positive trading environment and the application of funds raised during the listing on Nairobi Securities Exchange in November 2014.
In the Manufacturing division, most of the business entities fared well. Due to its strong brands and market position, the group was also able to withstand the negative impact from strong currency movements against the Kenyan Shilling.
Earlier in the year, the Group announced its acquisition of the food and snack brands from Chirag Kenya Ltd. Following the approval from the Competition Authority, Flame Tree Group has completed its acquisition of Chirag brands namely: Nature’s Own (Spices & Herbs), Chigs (Crisps), Honeycomb (Chevda & Biscuits) and Gonuts (Nuts). These brands have been integrated successfully into FTG through the newly formed company Chirag Africa Ltd, with the synergies expected to be realized over the short to medium term.
In the trading division the business fared well with the revenues & profit in line with the sector, and performance is expected to continue in this way.
The group has also upgraded the packaging of its Siora hair brands, Happys food brands, and has introduced a number of variants to its Zoe Hair Care range.
Following the announcement of the first half unaudited interim results the Group will be offering a briefing to shareholders, analysts and media. Details will be circulated by the company’s investor relations advisers, Burbidge Capital and Levanter Africa, in due course.
-ENDS