Landkom International Plc

 

 

Harvest well underway with substantial forward sale completed

 

Landkom International PLC (AIM: LKI, "Landkom" or “the Group”), the Ukrainian producer of agricultural commodities, announces its results for the six months ending 30 April 2010. 

 

Highlights

• Increased spring planting programme resulted in 38% more hectares planted than 2009 at 39,967 ha
• Further sharp reduction in operating costs
  • Operating cost per hectare expected at 35% below 2009
• Group on target to achieve year end EBITDA break even

·         35,000 tonnes of rapeseed sold forward at approximately $318 per tonne (ex works)

•  
  • 17% increase in price over the average rapeseed sales price in 2009.
• Harvest is now underway for rapeseed in west and throughout southern operations

 

Vitaliy Skotsyk, Landkom CEO, commented

 

“We have maintained our momentum during the first six months of the financial year, in terms of substantially lowering our cost base, improving operational efficiencies as well as notably increasing the amount of land planted.   We now have more land being farmed than ever before, with vastly reduced costs. 

 

“Our forward sales agreements for rapeseed are very encouraging and current commodity prices give us confidence that we will reach our target of EBITDA breakeven this financial year.” 

 

For full interim results - click here

For interim results presentation - click here

For further information: Landkom International Plc

www.landkominternational.com

Vitaliy Skotsyk, Chief Executive	+44 (0)20 3170 5681
Stephen Pickup, Finance Director
Liberum Capital
Simon Atkinson/Ellen Francis	+44 (0)20 3100 2000
College Hill
Adrian Duffield/Rozi Morris	+44 (0)20 7457 2020

 

 

20 July 2010

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