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Amala Foods Plc announced on 02 December 2021 the publication of its 2021 Annual Financial Report for the Year Ended 31 March 2021 and will make application to the FCA for listing restoration. The company has purchased additional equipment to commence product rollout, and its bespoke plant-based pepperoni product is now featured on the menu of California Pizza Kitchen in the Philippines. Amala also reported being in the latter stages of negotiating supply to another pizza chain and a local chef's restaurants.
| Date | 2 Dec 2021 |
| Time | 07:30:07 |
| Category | Results |
| ID | 3506U |
Annual Financial Report 2021
Amala Foods Plc
("Amala" or the "Company")
2021 Annual Financial Report
Amala Foods Plc (LON: DISH), a food technology company, is pleased to announce the publication of the 2021 Annual Financial Report for the Year Ended 31 March 2021 which can be downloaded at the following link: http://www.rns-pdf.londonstockexchange.com/rns/3506U_1-2021-12-2.pdf
The Annual Financial Report will shortly be available on the Company website www.eatamala.com and will be uploaded to the National Storage Mechanism.
The Company will now make application to the FCA for the listing to be restored.
Operational Update
The Joint Venture Company, Amala Foods Inc, has made substantial progress since being formed earlier this year. The Company previously announced completing the Research and Development stage for its plant-based products. The Company has now purchased additional equipment and is able to commence the roll out of its products as part of the initial commercial phase.
Amala has developed a bespoke plant-based pepperoni product for American pizza chain, California Pizza Kitchen in the Philippines which is now being featured on their menu. The Company hopes that this will be a success and will lead to a wider roll out.
The Company is in the latter stages of negotiating supplying its plant-based pepperoni to another pizza chain and its plant-based burger to the restaurants of a well-known local chef.
As part of its business development activities the Company is negotiating with a global restaurant group which if successful would set the Company on an exponential growth trajectory in 2022.
The Company has also sponsored the plant-based trophy for the 25th anniversary of a notable culinary school where contestants are using Amala's plant-based pepperoni.
The Company currently operates on a very low cash burn and utilises a Salary Sacrifice.
Management will be in California, USA during December meeting with various restaurant groups who have expressed in an interest in Amala's products.
Enquiries:
Jonathan Morley-Kirk, Non-Executive Chairman