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British Honey Co PLC on Friday said it expects to release its results for 2021 in mid-to-late September, which would see its shares resume trading on AQSE again after suspension in July.
British Honey shares are currently suspended because it missed the June 30 deadline for its annual report.
The Buckinghamshire-based spirits and honey producer expects its 2021 results to be in line with market expectations, with revenue of around £8.4 million.
The firm cited a ‘solid first half performance’ for 2022 due to ‘unusually large orders’ carrying over from the fourth quarter of 2021. However, it expects to miss full-year market expectations due to inflation increasing raw material costs and political instability from the war in Ukraine.
‘The net result is that the 2022 year-end figures are now expected to fall below previous market expectations and the board now expects to deliver revenues of approximately £6 million for the current financial year ending December 31, 2022,’ the honey maker explained.
The estimated £6 million revenue would be 29% lower than the expected 2021 revenue of £8.4 million.
The company touted: ‘We are, however, pleased to report that in this currently more challenging trading environment we have not only retained all of our white label customers but have won new ones which bodes well for the future. Furthermore, the group has recently achieved the British Retail Consortium standard for its processes in production. This is a great achievement and should enable the company to tender on additional supermarket contracts in the future.’
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