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Trading update |
China Shoto plc ('China Shoto' or 'the Company')
Pre-Close Trading Update
China Shoto is pleased to announce that the strong progress previously reported for the six months ended 30 June 2008 has continued into the second half of the financial year. As a result of the continued strengthening of both domestic and international sales, the Board is confident that the results for the current year will be ahead of market expectations.
In the domestic telecoms sector, demand for the company's back-up batteries remains a key driver of the business. China Shoto has cemented its position as a market leader by remaining the largest back-up battery supplier to China Mobile, and has also successfully increased its sales to a number of other leading domestic operators.
Over the financial year China Shoto has also continued to expand into overseas markets, most notably and successfully in India where contracts with a value of US$54.92 million had been signed by the end of September 2008. While domestic sales continued to increase during the nine months ended 30
September 2008, international sales rose faster, accounting for approximately 15% of the Company's total revenues for the period, up from 6% during the 2007 financial year.
The Company has benefitted to some extent from the financial stimuli given to the Chinese economy by the Government in response to the global financial crisis. Following substantial interest rate cuts, and with falling prices of raw materials, the Company aims to take advantage of the easing of financial conditions whilst continuing vigorously to pursue its business opportunities despite competitive product price pressures.
The Board is pleased to be able to report this positive progress, and is looking forward to developing the business further in 2009.
For further information please contact:
China Shoto plc
Susan Sun Tel: +86 15961080515
www.chinashoto.com
Seymour Pierce Limited
Stuart Lane / John Depasquale / Christopher Wren Tel: +44 (0) 20 7107 8000
www.seymourpierce.com
First City Public Relations
Jiang Lei Tel: +44 (0) 20 7242 2666
www.firstcitypr.com
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