PureCircle Stevia FY17 results suffer from US import ban
PureCircle’s 2017 financial year results have been hit hard by its inability to import to the US during the year.
PureCircle, which supplies stevia to Coca-Cola, made nearly US $20 million less in sales for its 2017 financial year than it did during its 2016 financial year after it was placed on the US Customs and Border Protection Without Release Order.
After an extensive investigation, PureCircle was removed from the list on 30 January 2017.
For PureCircle’s 2017 financial year, the company achieved a net profit of US $7.2 million, less than half of the US $14.6 million profit achieved during its 2016 financial year.
Despite the drop in profits, PureCircle saw an 8 per cent growth outside its North American market.
PureCircle Chief Executive Officer, Magomet Malsagov, described the year as a difficult one.
“Whilst it has been a difficult year, it was not a systemic issue – it was caused by factors beyond the Company’s control,” Malsagov said.
“We are moving forwards, stronger. Stevia is a force for good in the world – we are excited about the year ahead and look forward to the future with confidence.”
Malsagov said PureCircle are now producing its third and fourth generations of stevia and focusing on creating “the best-tasting stevia”.
“These new generations of natural-origin stevia products are revolutionising taste,” Malsagov said.