PureCircle Limited (lon:pure)
PureCircle – A Great Product But Possibly Too Much Debt?


ItemCurrent PeriodPrevious Period
Period6 Months6 Months
Adjusted Earnings
Adjusted EBITDA£12m£8m
Statutory Profit(£22m)(£4m)
Adjusted Profit
Total Debt
Net Debt£103m£98m
Title: PureCircle – A Great Product But Possibly Too Much Debt?
Company: PURE - PureCircle Limited
Share Price Then: 197p
Author: Ian Smith
Date: Wed 25 Sep 2019
Comments: PureCircle grow and produce a sweetener based on the Stevia plant, in general this seems to be a good market to be in as sugar is currently the evil food of the month, how long sugar will remain disliked though is unclear.

The numbers for the company however seem very unattractive with a large amount of debt and a recently announced delay to the publication of its results for the year ended 30 June 2019. There is a potential issue relating to the classification and valuation of certain inventory items was identified by the Group's auditors whatever that means.

Net Debt has fluctuated from $98m in 2014 to around $100m dropping as low as $45m, with current net profit under $10m this is worrying.

They have been a plc for 11 years and have over a 1,000 employees which surprised me as I thought that they me be a startup as their current P/E is around 40 even after a big drop in the share price.

Note that the numbers displayed are in USD.
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