Cherkizovo Group Announces Interim Results for 6 Months
OREANDA-NEWS. Sergey Mikhailov, Chief Executive Officer of Cherkizovo Group, said: "We have made an excellent start to our second year as a listed business. We have a clear and proven strategy for the business to grow profits and margins through a combination of organic growth in the Russian market, driving costs out of the business and deriving synergistic benefits from acquisitions within our fragmented markets. We have delivered on all fronts, reported the press-centre of Cherkizovo Group.
"In the Meat Processing Division we will maintain our strategy of strengthening the quality of our product range, and in the Pork Division, our leading state-of-the-art facilities are enabling us to significantly drive volumes.
"Following the completion on 28th August 2007 of the acquisition of OAO Chicken Kingdom, we are now Russia's undisputed number one poultry producer and we believe this acquisition has been transformational for the business.
"The seasonal nature of the business means that performance in the second half of the year will exceed our achievements in the first half. With our strong, record organic growth and the acquisition of Chicken Kingdom, we have the scale, strong brands and market share to further pursue our growth strategy.
"The prospects in Russia remain very exciting for domestic producers and we feel that the business is well placed to continue to maximise the opportunities from this. Management remains confident in the outlook for the full year."
Full report see here: http://www.cherkizovo-group.com/page/releases/0/840.aspx
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