Business
Preliminary Results
Preliminary Results.
About this update from Pacsco Limited
[{"type":"text","content":"\n RNS Number : 1949D Agriterra Ltd 27 November 2009 \n \nAgriterra Ltd / Ticker: AGTA / Index: AIM / Sector: Agriculture\n27 November 2009 \nAgriterra Ltd ('Agriterra' or 'the Company')\nPreliminary Results\n\nAgriterra Ltd, the AIM listed company focussed on the agricultural sector in central and southern Africa, announces its results for the period from 1 July 2008 to 31 May 2009.\n\nOverview \n\n\n\nShift in strategy to focus on agricultural sector in central and southern Africa complete and bearing fruit for the Company\n\n\nThree established operations, DECA, Compagri and Mozbife\n\n\nStrengthened position in grain processing market - record buying season achieved at DECA facility in Chimoio (33,000 tonnes of maize)\n\n\nCompagri facility successfully brought online on time and on budget using internal cash flow and now achieving considerable sales\n\n\nRapid expansion of beef herding business through acquisition of Dombe\n\n\nMovonde now being stocked with quality Beefmaster breeding stock - 275 head already\n\n\nCompletion of placing raising $5.1 million to fund additional expansion of beef business including the construction of an abattoir and feedlot business\n\n\nPre-tax loss for the period on continuing activities of $0.2m (2008: loss $1.3m)\n\n\n\nAgriterra Executive Director Euan Kay said, \"This has been a very strong period of growth for the Company which recently culminated in a record buying season of 33,000 tonnes of maize for DECA, our flagship grain buying and processing operation in Mozambique. We have expanded this business through Compagri, in Tete, and we have aggressively built up our cattle ranching operation Mozbife, through the acquisition of 15,000 hectares of ranching land and 275 head of cattle. We have a highly successful concept which we believe will generate significant revenue and allow us to consolidate our position, identify new opportunities and build a substantial agricultural business focussed in southern Africa.\"\n\nChairman's Statement\n\nThis has been a transformational year for the Company, and I am pleased to report that we have made substantial progress in re-aligning the business and implementing the Board's new strategy of investing in and acquiring businesses operating in the agricultural sector in central and southern ...