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Purecircle warns on FY revenue

Purecircle said rebuilding trade after the US Customs & Border Protection removed its Withhold Release Order has been slower than it had anticipated, and issued a warning on FY revenue.

"This is primarily due to the eight month absence in the US market of unique PureCircle ingredients which deliver superior taste and calorie reduction and which were therefore central to delays in customer new product launches," it said.

"The resumption of trade occurred post the key innovation cycle planning period of our customers, hence these new product launches have been rescheduled to later dates in order to coincide with their commercial and marketing plans."

As a result of this interruption, PureCircle now believed that revenue for the year ended June 30, 2017, would be materially below market expectations.

"Despite this setback global demand for stevia products continues to accelerate and the PureCircle pipeline of demand is strong," said Purecircle.

"In particular sales to Europe and South America have significantly increased. Globally the number of brands now using PureCircle products has increased by 18% year on year as health awareness increasingly informs consumer choice.

"The company continues to strengthen its market leadership in the development of new, better tasting stevia products."

At 9:30am: (LON:PURE) PureCircle Ltd share price was -31.75p at 298.25p

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