KYIV, UKRAINE – AVANGARDCO INVESTMENTS PUBLIC LIMITED (LSE: AVGR) (the “Company” or “Avangard”), the leading producer of shell eggs and egg products in Ukraine, today announces trading update for the first nine months ending 30 September 2010.
Note: This press release includes the data for the nine months of the current year without comparison to the same period last year because the Company did not publish results for this period prior to the IPO in May 2010.
Shell Egg Segment
During the first nine months of 2010 Avangard produced 2,968 million shell egg pieces. As of 30 September 2010 the Company’s total flock was 20.7 million birds.
The average sale price for eggs stood at UAH 0.48 (excluding VAT) per egg in the first nine months of 2010. The Company expects the growth in egg prices to continue until the end of the year, given the fact that the price for eggs in Q4 is traditionally high. Shell egg sales to external consumers totalled 2,669 million pieces.
During the period the Company continued to execute its strategy of focusing on the development of its customer base. As a result, in Q32010 the share of the Company’s sales volume through modern retailers increased to 17% of the Company’s total shell eggs sales volume.
During the nine months of 2010 the Company exported its shell eggs to Georgia, Iraq, Kazakhstan, Syria, Turkey and Moldova.
Egg Products Segment
During the first nine months of 2010 the Company processed 567 million eggs and the average sale price of dry egg products during the reporting period was US $6.81 per kg. (excluding VAT).
During the period the Company exported dry egg products to Jordan, Turkey, Saudi Arabia, Kuwait, UAE, Indonesia, Thailand, South Korea, Oman, Azerbaijan, Armenia, Moldova and Pakistan.
The trading performance of the Company has been in line with management expectations and we expect to report a robust set of financial results for 2010.