Investor

21.10.2009com:20091021:RnsU1217B
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RNS Number : 1217B

PureCircle Limited

21 October 2009

PureCircle and PepsiCo to receive Scientific Excellence Award for developing
zero calorie SoBe Lifewater

PureCircle (LSE: PURE), the world's leading producer of Natural High Intensity
Sweeteners, including Reb A, is pleased to announce that it is to receive a
Scientific Excellence Award together with PepsiCo for their joint work in
developing PepsiCo's zero-calorie SoBe Lifewater.

SoBe Lifewater features PureCircle's Reb A and has enabled PepsiCo to reduce the
calories in a 16-ounce bottle from 80 to zero. It is for this work that
PureCircle and PepsiCo will be receiving the award at the SupplySide West Expo
in Las Vegas on November 12.

Jordi Ferre, vice president, general manager of PureCircle USA, said: "We are
thrilled to receive this important award. It is an acknowledgement not only of
the successful collaboration of PureCircle and PepsiCo in the creation of the
zero-calorie SoBe Lifewater, but also of the years of research and development
that have gone into bringing Reb A to market".

Tom Silk, vice president of marketing-hydration, Pepsi-Cola North America
Beverages, added: "PureCircle played a critical role in helping PepsiCo develop
the first-ever zero-calorie, naturally sweetened, enhanced water in the US. Now,
thanks to our successful partnership, SoBe Lifewater consumers don't have to
compromise on taste to cut back on calories."

Because it contains zero calories, the use of stevia in its various forms,
including Reb A, is a vital factor in the worldwide battle to combat obesity and
diabetes.

Enquiries


PureCircle Limited (www.purecircle.com),
Magomet Malsagov, Managing Director +60 1 2388 8049
William Mitchell, Finance Director +44 7974 005 163

Westport Communications +44 20 7065 2690
Alan Frame alan@westportcomms.com
Jeanette Bishop jeanette@westportcomms.com

RFC Corporate Finance Ltd +61 8 9480 2500
Stephen Allen



This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCPUGAUUUPBGMU

20.10.2009com:20091020:RnsT0436B
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RNS Number : 0436B

PureCircle Limited

20 October 2009

PureCircle Limited ('PureCircle' or 'the Company')

PureCircle announces PepsiCo's continuing expansion of stevia-sweetened
beverages with launches in CanadaPureCircle (LSE: PURE), the world's leading
producer of Natural High Intensity Sweeteners, including Reb A, is pleased to
announce that PepsiCo has continued the much anticipated international rollout
of stevia sweetened products with the launch in Canada of Aquafina Plus Vitamins
10 Cal, the country's first low-calorie vitamin-enhanced water to feature a
pure Stevia extract all-natural sweetener. The water contains PureVia,
PureCircle's high purity Reb A natural sweetener.
"We are extremely proud to be the first and only nationally available beverage
in the country to feature PureVia as a zero calorie, natural sweetener," said
Stacy Reichert, President, PepsiCo Beverages Canada. "Consumers have long
anticipated a zero calorie natural sweetener and are seeking healthier beverage
choices. Our hydration portfolio, including Aquafina Plus+(R) vitamin-enhanced
water, has seen explosive growth in Canada, and the Aquafina Plus Vitamins 10
Cal brand is going to further that leadership position".
Aquafina Plus Vitamins 10 Cal beverages are available in three unique flavours -
Black and Blue Berry, Acai Fruit Punch, and Tropical Cherimoya.
Peter Milsted, PureCircle Executive Sales and Marketing Director said: "Consumer
acceptance of stevia sweetening in purchasing behaviour is making it easier for
global brands to lead the way. Canada is a very important market for PepsiCo and
PureCircle and the coming months will see many mainstream product launches.
Tabletop has already achieved record levels of penetration in the US since
regulatory approval and global rollout is on schedule. We expect more launch
announcements to follow in major markets". Enquiries


PureCircle Limited (www.purecircle.com),
Magomet Malsagov, Managing Director +60 1 2388 8049
William Mitchell, Finance Director +44 7974 005 163

Westport Communications +44 20 7065 2690
Alan Frame alan@westportcomms.com
Jeanette Bishop jeanette@westportcomms.com

RFC Corporate Finance Ltd +61 8 9480 2500
Stephen Allen



This information is provided by RNS

The company news service from the London Stock Exchange

END

PRLCKCKDABDDQKD

15.10.2009com:20091015:RnsO8230A
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RNS Number : 8230A

PureCircle Limited

15 October 2009

PureCircle Limited ('PureCircle' or 'the Company')

PureCircle Announces Successful Completion of Next Stage of GlobalExpansion and
DiversificationPureCircle (LSE: PURE), the world's leading producer of Natural
High Intensity Sweeteners, including Reb A, is pleased to report that it has
signed a co-operation and mutual investment agreement with the Government Agency
of the United States for International Development(USAID) and the Government of
Paraguay to promote the cultivation of the stevia leaf, from which Reb A is
derived. PureCircle is the first company in the region to successfully complete
the development agreements necessary to accelerate stevia development and
markets to the next level.
In response to accelerating demand from Western economies, an important part of
PureCircle's strategy is to maintain a significant and diversified lead in the
world's stevia supply chain of several years in production of stevia, not only
in China but on othercontinents. Currently the Company sources the leaf mainly
from China and for three years it has been expanding its reach within Paraguay,
investing heavily in local infrastructure.

This has resulted in the agreement with USAID and the Paraguayan Government as
part of the Paraguay Vende economic growth programme. PureCircle's stevia
program is acknowledged by USAID and Paraguay's Government Agency as offering
significant commercial and social development opportunities for regional
development in Paraguay andSouth America.
PureCircle is committed to investing in community projects in the areas in which
it operates. Stevia is grown by small farmers and the support of the Company for
this community has been partly responsible for the local economic well-being
where the leaf is grown.Additionally, because it contains zero calories, the use
of stevia in its various forms, including Reb A, is a vital factor in the
worldwide battle to combat obesity and diabetes
Dorn Wenninger, PureCircle's Corporate Vice President of Supply Chain, said:
"The decision by USAID and the government of Paraguay to select and invest with
PureCircle, illustrates the enormous commercial opportunities and socio-economic
benefits that stevia cultivation is bringing to South America. While our
competitors are just beginning to explore co-operations in Paraguay and South
America, we are yielding the benefit of several years of pre-existing investment
in a 100 per cent subsidiary in Paraguay. This coupled with the proprietary high
yielding stevia strains developed internally and registered with Plant Breeders
Rights inevitably gives us strong demonstrable commercial advantages. This is a
significant day for stevia growth and PureCircle in the region".

Enquiries


PureCircle Limited (www.purecircle.com),
Magomet Malsagov, Managing Director +60 1 2388 8049
William Mitchell, Finance Director +44 7974 005 163

Westport Communications +44 20 7065 2690
Alan Frame alan@westportcomms.com
Jeanette Bishop jeanette@westportcomms.com

RFC Corporate Finance Ltd +61 8 9480 2500
Stephen Allen



This information is provided by RNS

The company news service from the London Stock Exchange

END

TSTVELBFKBBEFBB

08.10.2009com:20091008:RnsH4308A
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RNS Number : 4308A

PureCircle Limited

08 October 2009

PureCircle Limited

("PureCircle or the Company")

Exercise of Options by Executive Director

PureCircle announces that on 7 October 2009 William Mitchell, the Chief
Financial Officer, exercised a further 180,000 Options that had been issued to
him under the terms of the Company's Long Term Incentive Plan.

The Options had a strike price of US$1.00 per share.

The 180,000 Options were satisfied by a transfer from the Company's existing
treasury shares.

8 October 2009


Enquiries:

PureCircle Limited (www.purecircle.com)
Magomet Malsagov, CEO +60 1 2388 8049
William Mitchell, CFO +44 7974 005 163

RFC Corporate Finance (NOMAD) +61 8 94802500
Steve Allen


Westport Communications +44 20 7065 2690
Alan Frame alan@westportcomms.com
Jeanette Bishop jeanette@westportcomms.com



This information is provided by RNS

The company news service from the London Stock Exchange

END

RDSUUGPWUUPBGMM

23.09.2009com:20090923:RnsW5013Z
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RNS Number : 5013Z

PureCircle Limited

23 September 2009

PureCircle Limited ('PureCircle' or 'the Company')

RESULTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2009 ('FY 2009')

PureCircle (www.purecircle.com), the world's leading producer of Natural High
Intensity Sweeteners, including Reb A, today announces results for financial
year ended 30 June 2009 ('FY 2009'). All comparatives shown are for the
Pro-Forma twelve months to 30 June 2008 (FY 2008). Results for the Company's
last audited financial period covering just the six months to 30 June 2008 are
set out in the group financial review section that follows and the full annual
report.

FY 2009, as expected, was a transformational year for both the Natural High
Intensity Sweetener (NHIS) market and for the Company. We start FY 2010 with a
robust platform in place to continue to lead the future growth of the industry.

SUMMARY FINANCIALS for the year ended 30 June 2009 (Pro-Forma comparatives for
FY 2008)


FY 2009 FY 2008
$m $m
Revenues 60.0 34.1
Gross Profit 25.6 9.1
Gross Profit % 42.6% 26.8%
Net Profit attributable to shareholders 11.2 2.1
Net Operating Cash Flow (63.9) (38.8)
after capital expenditure
Net (Debt)/Cash (47.5) 16.6
Net Assets 95.2 81.7


FINANCIAL HIGHLIGHTS


* Sales of 266 tonnes of Reb A (FY 2008: 115 tonnes), an increase of 131%
* Sales of $60 million (FY 2008: $34 million), an increase of 76%
* Net profit of $11 million (FY2008: $2.1 million), an increase of 428%
* Net debt $48 million (FY 2008: net cash of $17 million)
* Net assets of $95 million (FY 2008: $82 million)

BUSINESS DEVELOPMENTS


* Clear establishment of a Natural High Intensity Sweetener ("NHIS") market,
the first step in the development of the long term US $10 billion
complementary-with-sugar market.
* Regulatory clearances during the year in USA, Switzerland, Russia and
Australia. In essence only the EU and Canada of major markets still to clear.
France's clearance in September 2009 supports our opinion that remaining
clearances will follow within 2 years
* All product launches are outperforming their categories: albeit so far just
niche products and small volumes
* Step change achieved in the planned diversification of our customer base
* Global sales and marketing organisation established
* Stevia extract capacity quadrupled; believed to be over 50% of the total
industry capacity
* Major $35m factory expansion commissioned within 21 months of project
starting
* Leaf supply diversified: leaf now being grown on three continents for
PureCircle
* Group executive management team strengthened with key international hires;
all drawn from relevant F&B multinationals
* Transformational year of investment: over $63m invested in operating assets.
As planned, the investments made have taken Group into net debt position
* New 5 year banking facilities negotiated May 2009 provide significant funding
headroom
* Strong opening leaf inventories will reduce the FY 2010 working capital
inventory requirements
* Strong opportunities sales pipeline in all geographies
* September 2009 French clearance suggests European momentum increasing
* Significant roll-out of new launches and new categories not expected until
calendar 2010
* Strong growth prospects over the next 3-5 years; the pace of shorter term
sales depends on the rate of new product launches to market.

Paul Selway - Swift, Chairman of PureCircle, commented:

This was a transformational year for the Natural High Intensity Sweetener (NHIS)
market and for PureCircle.

We have established PureCircle as the world's leading supplier of NHIS
ingredients, including Reb A. We have world class supply chain infrastructure in
place, a global sales organisation established and an excellent international
management team leading the business.

Importantly over the past year nearly all major global Food & Beverage companies
have engaged with us on how best to exploit the potential of NHIS ingredients
for their businesses. Their strong enthusiasm to develop NHIS is underpinned by
a growing understanding of just how environmentally and socially sustainable a
crop stevia is and the opportunities it offers to both consumers and rural
supplier communities.

In the medium term we are confident that this will be a major new global
industry. PureCircle is the undisputed market leader and we are ideally placed
for significant long term growth.

In the short term volume take-up depends on the speed of our customers getting
new products to market. These launches will inevitably be tougher to programme
against the current economic backdrop. Sales growth may therefore be volatile.
We are hard at work supporting our customers on the development of larger volume
products that will trigger use of Reb A in mass market products. We expect the
world's F&B companies to increase the rate of launches using Reb A during
calendar 2010 and 2011. Growing concerns about the levels of consumer obesity,
about the safety of artificial sweeteners and the unpredictability of sugar
prices can only support and encourage the development of the NHIS market in
which PureCircle intends to remain the leader.

Enquiries


PureCircle Limited (www.purecircle.com),
Magomet Malsagov, CEO +60 1 2388 8049
William Mitchell, CFO +44 7974 005 163

Westport Communications +44 20 7065 2690
Alan Frame alan@westportcomms.com
Jeanette Bishop jeanette@westportcomms.com

RFC Corporate Finance Ltd +61 8 9480 2500
Stephen Allen


CHAIRMAN'S STATEMENT

Introduction

This was a transformational year both for the Natural High Intensity Sweetener
(NHIS) market and for PureCircle.

Regulatory: In September 2009 France cleared Rebaudioside A 97% to join previous
clearances in Switzerland, Australia, USA and Russia. We believe that the
remaining key market clearances, including Europe, should follow within two
years.

Market development: Since FDA clearance there has been a succession of product
launches nationally across the USA. All these new products are out-performing
their categories, albeit the brands are relatively small at this stage. We end
FY 2009 with a NHIS market clearly established and we are leading it.

Customer base: We have made progress in building a quality diversified customer
base. We ended FY 2008 selling Reb A to just one customer: in contrast we ended
FY 2009 with meaningful discussions with over 100 across all regions and major
F&B categories.

Sales organisation: Over the year we have moved from a single location sales
force in Kuala Lumpur to a global operation selling from eight countries across
five continents.

Supply chain scale: We have consolidated and accelerated our global supply chain
leadership. We have completed the expansion to 4,000 tonnes capacity of our
stevia extraction facility at PureCircle Jiangxi in southern China.

Diversified stevia leaf supply: From a single country source supply in FY 2008,
we finish FY 2009 with stevia leaf being grown for us in seven countries across
three continents and in so doing we support a network of small independent
farmers across the world.

Each of these developments is reviewed below and in greater detail in the Chief
Executive's review.

Results

Revenues for FY 2009 were up by 76% to $60m, principally Reb A sales where
volumes increased over 150 tonnes. We were pleased to welcome PepsiCo and
Merisant as new clients.

Operating margins improved to 20% even though our overall capacity utilisation
was only about 30%. We have plenty of room for growth and the potential to
improve margins further as growth drives economies of scale.

The Company invested over $65m in capital expenditure and working capital to
support the business transformation.

The Group has a robust balance sheet with net assets of $94m (FY 2008: $82m).
PureCircle ends FY 2009 with net debt of [$48m]. We have headroom of over $50m
on our long term banking facilities which were increased and extended in May
2009.

While the Company is growing its business the Board deems working capital to be
a priority. The Board will therefore not be recommending the payment of a
dividend. This policy will be reviewed in the future in light of the Group's
progress and funding requirements.

Regulatory

Regulatory clearances are no longer a material barrier to the development of the
NHIS market or the continued growth of PureCircle. The highly influential WHO
and FDA clearances were achieved. With USA, Switzerland, Japan and key Asian and
South American countries and Australia and New Zealand all approved, it is just
the EU and Canada outstanding of the major markets. Indications are that these
will also secure regulatory clearances within a couple of years. The September
2009 French clearance is evidence of the regulatory momentum.

Market development

Major beverage and table top companies have been swift to launch products,
particularly in the important USA market. All products launched have been well
received by the consumer and are outperforming their respective categories.
These are still early days but the successes to date confirm that a Natural High
Intensity Sweetener market has undoubtedly been established.

Importantly over the past year nearly all major global Food & Beverage companies
have engaged with us on how best to exploit the potential of NHIS ingredients
for their businesses. Their strong enthusiasm to develop NHIS is underpinned by
a growing understanding of just how environmentally and socially sustainable a
crop stevia is and the opportunities it offers to both consumers and rural
supplier communities.

Consumer support for NHIS is growing. Tailored research we have undertaken in FY
2009 shows clearly the strong widespread support among key consumer groups,
notably mothers, for a Natural lower calorie sweetener solution. Enthusiasm for
the concept is supported by strong commitments to purchase once natural lower
calorie sweetened products are available at retail at sustainable affordable
prices.

We are clear that such a proposition can be delivered and that this strong
consumer demand will underpin the development of a major NHIS industry.

The question now is how fast will it take off?

In the medium term we are confident that this will be a major new global
industry. PureCircle is the undisputed market leader and we are ideally placed
for significant long term growth.

In the short term volume take-up depends on the speed of our customers getting
new products to market. These launches will inevitably be tougher to programme
against the current economic backdrop. Sales growth may therefore be volatile.
We are hard at work supporting our customers on the development of larger volume
products that will trigger use of Reb A in mass market products. We expect the
world's F&B companies to increase the rate of launches using Reb A during
calendar 2010 and 2011. Growing concerns about the levels of consumer obesity,
about the safety of artificial sweeteners and the unpredictability of sugar
prices can only support and encourage the development of the NHIS market in
which PureCircle intends to remain the leader.

Customer base

Our sales strategy is to secure a highly diversified customer base across all
F&B categories internationally. We made significant progress towards this goal
in FY 2009. From one Reb A customer at the start of the year we ended in
discussions with more than 100 spread across all F&B categories. We are doing
this from eight countries in five continents.

We were pleased to welcome Pepsi and Merisant as new clients in FY 2009. Many
other household names are in discussions with us and we look forward to
establishing strong relationships with them all in the future.

Supply chain & technology

When the NHIS market really takes off scale and reliability of supply will be
essential. A year ago there were questions about our ability to scale up
successfully and about whether we could access sufficient global stevia leaf
supply.

The rapid expansion of our extraction factory in Jiangxi, completed in just 21
months, confirms that we can scale at pace. And our diversification of stevia
leaf growing across continents has given confidence that leaf supply can indeed
keep pace with increasing demand.

At the same time, in supporting the small farming communities we are making a
positive impact on local economies.

Our supply chain is not only the largest in the industry but it is the only
technologically integrated supply chain in the industry. As customers get more
involved with NHIS ingredients there is growing understanding of the importance
of the integrated approach. Put simply, we can offer clients a breadth and depth
of stevia-based solutions and a consistency of quality and delivery that
competitors cannot. We shall continue to invest heavily to keep our technology
ahead of the industry.

Board & Management

The management team has been strengthened by the recruitment of Dorn Wenninger
and Arne Lugeon to the Group Executive team and by the creation of a global
sales and marketing organisation. We are indebted to the leadership of Chief
Executive Magomet Malsagov whose Review looks in detail at the developments
during the period.

Outlook

FY 2009 has been a transformational year for the NHIS market and particularly
for PureCircle. A global NHIS market has clearly been established and we have
achieved clear leadership. The next 18 to 24 months will give greater clarity on
how fast the large long term market will grow.

We believe that PureCircle is well placed to lead the development of the NHIS
industry and that our robust integrated business platform will ensure that we
continue to secure the majority share of market.

I look forward to reporting on further progress

Paul Selway-Swift

Chairman

23 September 2009

CHIEF EXECUTIVE'S REVIEW

This has been a transformational year for the PureCircle Group of Companies.

We have led the development of a new global industry.

We started the year as industry leaders. During FY 2009 we changed all aspects
of our business and organisation with the sole aim of accelerating our
leadership of the industry. We end the year, as planned, at the forefront of the
market and the preferred Natural High Intensity Sweetener ("NHIS") supplier of
choice for the major Food & Beverage ("F&B") companies.

The scale of our ambition is significant. To achieve our goals we will
undoubtedly face many challenges. Some will be daunting. But we are determined
to resolve each of them successfully.

In so doing we aim to provide long term quality service to our clients, fair and
sustainable earnings to our supplier communities, major value for our
shareholders, stimulating careers for our people and to be socially and
environmentally responsible in the communities in which we operate.

1. Sales & Marketing

1.1 Global sales & marketing organisation established

- We have created a global sales and marketing organisation.

- We now operate from seven offices across five continents including Chicago
(USA), Geneva (Switzerland), Sydney (Australia), Kuala Lumpur (Malaysia), Moscow
(Russia), Buenos Aires (Argentina) , Asuncion (Paraguay) and Guangzhou (China).

- We have recruited top management talent from the best F&B companies including
Tate & Lyle, Nestle, Kraft, Wrigleys, Nutrasweet, Firmenich, O'Driscolls

- We have hired 20 new sales and marketing managers to secure and then service
clients in all countries

- In the USA :

o We have established full national coverage with regional sales in all
relevant areas.

o We have put in place a full service team with applications specialists,
dedicated customer service and logistics as well as marketing

o We started the year working with an outsourced warehouse and customer service
provider. Now all these key activities are being brought in-house to improve the
quality and strengthen our control of service.

- We have put in place quality distributor relations to cover Japan, Eastern
Europe and China

1.2 Aiming to be supplier of choice

Our policy is for PureCircle to be the supplier of choice for the Global F&B
industry. We will establish our USA model of full service offer in each region
including application capabilities, local inventories and logistics and tailored
regional marketing support.

1.3 Marketing

- Launch of PureCircle USA: We undertook a successful launch of our USA
business in November 2008 getting the PureCircle story to over 50 influential
specialist trade journals

- Ground breaking consumer research: We recruited a senior marketing executive
from Kraft to head up our USA marketing. In just five months he has commissioned
and delivered a groundbreaking consumer research project. This has generated
hugely positive reaction from our clients who recognise it as insightful,
helpful to their propositions and thought leading for industry.

- Overhauled website: We have completely overhauled our corporate website and
introduced another website with technical information for application teams

- The industry perspective: We have established close relationships with key
industry news media, particularly internet and trade journals. Through this we
are recognised as the thought leaders for the emerging stevia industry and the
people to turn to for comment and perspective when this is breaking industry
news.

- We are actively leading the development of our wider industry.

o We were keynote speakers at, and principal sponsors of, the stevia world
conference in Shanghai in May 2009.

o We are actively participating in the European Stevia Association (EUSTAS)

o We have made important contributions to the dialogue with the sugar industry,
including speaking at a global sugar conference

o We held a major webinar on the technical applications and uses of stevia and
Rebaudioside A. This attracted a record audience for any F&B ingredient
webinar.

o We have established a partnership with Cerilliant and are working closely with
the United States Pharmacopeia (USP) to help determine and set independent
industry standards and quality testing

1.4 Application partnerships

- We have established an important Partnership with Firmenich, the world's
second largest flavor company, to promote stevia-based sweetener applications
across all F&B categories. With Firmenich we are

o Developing ranges of category specific product solutions

o Making joint client presentations and developing projects

We expect to report some innovative client launches resulting from our
collaboration during calendar year 2010

Beyond our strong partnership with Firmenich we remain flexible and able to work
with other application formulators. We are building with these companies a
growing pipeline of potential product launches and category specialisations for
2010 and beyond.

1.5 Sales pipeline

- Our long-term sales policy is to have a highly diversified customer base.

- We have transformed our sales pipeline in the last twelve months. A year ago
we had just one Rebaudioside A client, now we have 25 clients, albeit most are
for small trial samples at this stage, and are actively engaged with over a
hundred potential clients in the USA alone.

- We have substantive discussions with brands and businesses that are leaders
across all F&B categories. These include:

o Beverage : Carbonated Soft Drinks, powdered drinks, iced tea, hydration and
energy drinks

o Dairy: Yogurt, ice-creams, milk shakes

o Confectionary: Gums, candies, chocolates

o Cereal : Across the range

o Sauces: Across the range

o Other food: Biscuits, cakes, soups and others

1.6 Customer feedback

- The customer feedback we are getting is consistent:

o We have a clear leadership position

o We are credible as a long term supplier partner

o Our recruited expertise is the highest quality in the industry

o Our scale and security of supply is significantly ahead of the competition

o The investments we are making now to research beyond Reb A is recognised as
demonstrating PureCircle's commitment for the long term

- The challenge will be to deliver consistently high-quality service to our
expanding client base

1.7 Looking forward

- Long term we expect deep momentum to grow. We expect wide take-up across all
F&B categories and all regions.

- The planning and launch lead times for F&B products are such that it will be
calendar years 2010 and 2011 before material new launches occur

- We have much work to do to grow the world class customer service and
application support facilities that our clients rightly will expect as this
industry develops.

1.8 Overall:

- We started FY 2009 with the industry's leading contract and the highest sales
volumes

- We have transformed our sales team from a single office to a global
organisation

- We are well on the way to transforming from single customer to highly
diversified customer base

- We have confirmed the significance of our unique and globally scaled supply
chain

- The challenge going forward will be embedding PureCircle into our clients as
the leading NHIS full service supplier


2. Refinery

FY 2009 has been a year of tremendous progress for our refining operations,
based at Enstek, near Kuala Lumpur, in Malaysia.

2.1 Refining capacity

- Run rate: In the fourth quarter we achieved production equivalent to an
annual run rate of 500 tonnes. This is five times the level of just two years
ago and confirms that we are scaling at pace.

- Batch technology scaled: We completed the scaling of our batch technology.
This is vital as future expansion is now based on commercially proven
technology. This puts us years ahead of our industry

- Bottlenecks removed: With batches scaled, emphasis switched to removing
production bottlenecks. In FY 2009 we invested $8m in capital expenditure to
install additional machinery to address this.

- Recycling investment: Investment was also made in recycling. This will save
over $1m a year in running costs and importantly will further enhance the
sustainability footprint of our refinery activities.

2.2 Refining organisation

- During FY 2009 we have recruited and trained more than 100 people into the
refining organisation. At the same time we have introduced extensive new working
practices. These deliver better flows of work-in-progress.

- We have reorganised the production shift teams to put more focus on specialist
activities

- We have designed and implemented automated loading systems. These eliminate
manual intervention and deliver faster flow.

- The factory is certified ISO 22000, ISO 9000, GMP, Halal and Kosher. During FY
2009 we have again passed multiple audits by major international F&B companies
to become certified supplier.

- Overall we reduced the production cost per kilo of high purity Reb A in FY
2009 and plans are in place to do so again in FY 2010

2.3 Looking forward

- We have purchased the land adjacent to our refinery at Enstek to allow for
expansion of the facility at an appropriate juncture.

- We recognise the service challenges that face our refinery operations moving
to a diversified customer base and we are committed to addressing them ahead of
the curve

2.4 Overall:

- Our refinery started the year as the largest in the industry both in capacity
and actual production run rate

- During FY 2009 we have accelerated our leadership and actually increased the
pace of our own acceleration

- We remain the only NHIS refinery that can produce at scale

3. Stevia Extraction

3.1 Industry leading capacity expansion

- In late April 2009 we commissioned the 3,000 tonne stevia extraction capacity
"Line 5" expansion of our PureCircle Jiangxi extraction facility, taking total
capacity of stevia extraction to 4000 tonnes per year

- The expansion is physically large in that it comprises a series of buildings
and activities altogether covering 20 hectares. These include:

- A major water treatment and recycling plant that allows us to recycle over 60%
of our water directly and ensures that all of the water used is treated and
returned in clean form.

- A state of the art bio-gas facility that takes leaf mulch and converts it into
electricity which is supplied directly into the local grid. This is an
environmentally sound solution to large scale extraction from leaf and saves
money

- Large new warehouse capacity on site for improved leaf storage and tracking

- Overall our intelligence suggests that the PureCircle Jiangxi site expansion
has the leading environmental and sustainability footprint in the NHIS industry

- The "line 5" expansion is a $35m project of which, in cash terms, $25m has
been invested in this year.

- To meet the expanded capacity we have recruited and trained 300 employees. The
project has included building hostels for their accommodation.

3.2 Stronger organisation

- We have implemented a new management structure in PureCircle Jiangxi.

- We have recruited stronger support management for the extract team

- To reflect the changes, we have changed the name of our facility to PureCircle
Jiangxi

3.3 Looking forward

- We have designed and implemented a suite of proprietary new technology
processes in the Line 5 extract facility. These were only possible due to the
synergies we obtain from a virtually integrated production and R&D system using
our integrated extraction and refinery production model.

- The new technologies have undoubtedly accelerated our leadership in the stevia
extraction industry and will provide significant further synergies with our
refinery operations going forward.

3.4 Overall :

- We started the year as the largest and most technologically advanced extract
factory in the NHIS industry.

- With major capital investment we have accelerated our leadership
significantly

- The proprietary technology advances we have designed will deliver huge
benefits in the years to come both from a cost perspective and from production
flexibility

- The FY 2009 developments in our extraction business confirm fully the value of
our integrated model

- Our pace of expansion at PureCircle Jiangxi confirms that the NHIS industry
can scale at the pace needed to meet demand

4. Leaf

4.1 China

- Stronger new management team: Since our last report we have resolved the
historic management issues in our China leaf business. A new professional
organisation has been installed. We have hired and trained 40 people under the
leadership of Mr Yan Dong Wei, a highly experienced Chinese agricultural
professional

- Dominant buyer in the 2008 harvest: In the 2008 Chinese harvest (our FY 2009)
we were again the dominant buyer in the market securing well in excess of 60%
share of leaf. Importantly we bought all the leaf we needed with no supply
issues. With our management team in transition at the time our strategic
partners, Wilmar, provided additional logistics and buying resource so that
operationally we did not miss a beat.

- Better placed for 2009 harvest: Since the 2008 harvest we have invested
heavily in improving processes and infrastructure so that we are even better
placed for the 2009 (our FY 2010) harvest.

- We have put in place quality warehousing in key buying regions to better
secure leaf at point of purchase

- We have significantly expanded propagation and cuttings distribution of high
quality varieties to areas favourable to our Jiangxi extraction facility

- We have expanded stevia planting from the traditional three regions to five

- Co-operation from and with central and local government has increased as
recognition of our industry leadership status has grown

- We have implemented inventory tagging and traceability systems to provide the
full traceability throughout our supply chain our major F&B clients demand.
Again this is leading the NHIS industry

- Looking forward: we will reap major benefits in FY 2010 from steps taken in FY
2009

- Our improved control in the growing regions, coupled with increased supply of
leaf, are already resulting in lower levels of leaf impurities for FY 2010

- Having controlled warehouses and local QC team in-situ is already delivering
better negotiating leverage

- Our investment in propagation units extends the leaf under our control

- Our Jiangxi buying operation provides for further momentum in this important
region

-

Overall:

- We started year as industry leader

- We have accelerated that leadership both as dominant buyer and as leading
advances in leaf technology

- We are confident that we can buy what we want for FY 2010

4.2 Kenya

- Growing potential confirmed: FY 2009 was the first full year of our
stevia-growing business based in Kericho, Kenya. During the year we have set up
a company organisation from scratch and put in place the firm foundations for
accelerated growth from FY 2010 onwards. Critically the year has confirmed that
stevia can be grown in Kenya and that good strains of leaf can produce quality
yields in line with our requirements.

- Foundations for growth business put in place: The important actions completed
include:

o Successful environmental and plant cultivation accreditation with the
appropriate Kenyan governmental authorities (NEMA and KEPHIS)

o The creation of a sizeable quality outgrower farmer programme. This includes
building a comprehensive information database covering over 7,000 hectares of
potential stevia cultivation. Further we have negotiated and implemented a
tailored third party micro-finance project for our outgrowers to help with
initial working capital needs

o 50 direct employees have been recruited and trained to manage the stevia
agricultural research and outgrower farmer programme

-

Taken full control of the company to accelerate growth:

We have ambitious plans for stevia in the wider East Africa region and the pace
of our growth plans is different from those of James Finlay Ltd, our partner in
Kenya. Accordingly on 22 September 2009 we bought out the shares in our Finlay
PureCircle Kenya business that we did not already own. The shares were bought at
cost.

The Kenya operations will be renamed PureCircle Kenya. We will move to new
offices in Kericho and keep full access to the employees, managers and network
of outgrowers that we have established in the area.

- Looking forward: With progressive roll-outs scheduled over the coming months
we plan to receive initial Kenya leaf volumes from late FY 2010. Thereafter we
see Kenya stevia expanding rapidly.

4.3 Paraguay

- Viable operations set up successfully: FY 2009 was also the first full year of
our operations in Paraguay. We have built a new organisation from scratch
including the recruitment of 30 employees and the creation of a major outgrower
farmer programme. As with Kenya, this has been supported by appropriate database
and tailored finance support systems.

-

Proprietary plants performing well:

As part of the Paraguay joint venture we secured ownership rights to certain
proprietary stevia leaf strains: (e.g. PC1 and PC4). Commercial scale planting
of these high SteviolGlycoside and high Rebaudioside A varieties began
in FY 2009.

- To better manage the growth and control in Paraguay we have bought out our
partners: our plans for stevia expansion in Paraguay and South America are
ambitious. To better manage the pace of growth we have bought out the shares in
PureCircle South America that we did not already own. Consideration was $1.5m in
cash, which broadly equated to the share of net assets acquired.

- Looking forward: With progressive roll-outs scheduled over the coming months,
and with significant acreage available through the outgrower programme, we plan
to receive initial Paraguay leaf volumes from late FY 2010. Thereafter we see
South America sourced stevia expanding rapidly.

4.4 Leaf - rest of world

- PureCircle is leading the expansion and diversification of leaf supply across
the world. Planting of stevia leaf for supply to PureCircle is in progress in
Thailand, Vietnam, Indonesia, Colombia and Peru. In addition we are in active
discussions with potential leaf suppliers in a further 10 countries across three
continents.

- We are setting up a leaf growers association for PureCircle stevia suppliers
whose objectives are to:

o Spread best practice

o Share leaf technologies; and

o Generally lead the industry

- To support our expansion we have recruited new management at an executive
level, bringing specialist horticulture expertise and are putting in a new
support organisation.

- Looking forward: In the short term we are investing in propagation, tissue
culture and other techniques to accelerate the expansion of quality leaf. We
have also kick started a number of longer term leaf projects with focused
research experts

4.5 Leaf overall

- Leaf supply in better balance with demand: In our annual report a year ago we
highlighted a number of potential leaf supply issues. Based on the significant
progress we have made and the overall expansion in global leaf supply, one year
later we believe that supply is already in better balance with demand.

- Clear global leadership: We started FY 2009 as the largest purchaser of leaf
in China and were again the dominant buyer in the Chinese 2008 harvest. We end
the year as the clear leader in the global development of stevia leaf supply.

- Foundations in place for significant future benefits: Our progress in FY 2009
has laid strong foundations for our leaf strategy that will provide significant
future benefits. We are leading the diversification of leaf from China and
leading the quest for quality improvement. These strategies will improve yields,
consistency, costs and working capital in the years to come

5. Sustainability

- Stevia - a highly efficient and sustainable plant: Stevia is highly efficient
plant; delivering sugar equivalent sweetness naturally for no more than one
third or one fifth of the total land and water resources of sugar

- To give a wider perspective, stevia is an efficient crop versus most other
comparable agricultural commodities

- To put this in context, even when a global mass market, stevia will require
only a small land usage: indicatively just one million hectares being required.

- PureCircle: committed to a sustainable production model: During the year we
made further improvements to the sustainability of our production model.

o At our Enstek refinery near Kuala Lumpur, we invested some $3m in recycling
capacity

o At PureCircle Jiangxi we installed large water recycling and purification
capacity and a leaf mulch biogas facility to further improve the environmental
footprint of our extraction activities

- Supporting sustainable rural agricultural communities: Accelerating levels of
urbanisation is a major social and environmental issue around the world. The
development of sustainable environmentally efficient cash crops for rural
communities is a primary solution to this issue. Stevia offers considerable hope
here and PureCircle is leading the way in making the possibility real.

- Our reviews of Kenya and Paraguay earlier highlighted the extensive outgrower
programmes we have put in place, supported by tailored micro-finance
facilities.

- We are also working with charitable organisations to deliver tailored projects
to the communities working with PureCircle. An early example of this is the
Amigos de las Americas Community Development project in Paraguay. We are
actively looking for suitable equivalent projects to work with our partner
communities in Asia and Africa

6. R&D and Process Innovation

- Science, the technology led product opportunities and the process innovations
it affords have always underpinned the PureCircle business model.

- Our R&D and process innovation team is led by Varuzhan Abelyan who has
researched steviolglycosides for over 30 years. He is acknowledged as one of the
leading scientists in the world in this field

- We have made further significant progress during FY 2009, particularly in the
delivery of major production synergies in both our extraction and refining
operations, making full use of our integrated production model. FY 2009 has
again confirmed the advantages we have over the separated extraction and
refining models of the competition.

- During FY 2009 we undertook an extensive series of meetings with the R&D teams
at major clients, covering over 40 of the top F&B companies. This was an
excellent two way exchange of ideas, and provided clarification of the
challenges and opportunities for mass adoption of steviolglycoside-based
sweeteners.

- The meetings confirm strongly the direction of our strategic R&D plans

- Looking forward:

o We are actively increasing the scientific research projects in progress with
leading partners across world. Our aim is to stay ahead by working with the
best.

o We are investing to extend our in-house laboratory capabilities and we are
accelerating our application problem solving capabilities working with partner
applications laboratories.

o We are researching beyond Reb A into the wider uses of the stevia leaf. We see
significant synergies between SteviolGlycosides.

o The successful research and development of multiple SteviolGlycoside
applications will be a significant feature of the PureCircle business going
forward

o We have an active process innovation agenda going forward, focusing on
developing further improvements across our integrated production model

-

Overall

o We started the year as industry leaders with the largest and most efficient
production model, underpinned by the industry's leading R&D team.

o The significant well grounded science value underpinning our service
proposition is now being better appreciated by our growing client base as it
becomes more familiar with the practical demands and opportunities of working
with Steviolglycosides.

o We will continue to invest to accelerate our leadership in this key area. We
are quite clear that it will provide significant competitive advantages to
PureCircle and our clients for many years to come.

7. People & Organisation

- Transformational change in the organisation: During FY 2009 PureCircle went a
long way towards our goal of creating a multinational company. There are many
statistics that make clear the extent of the change in our organisation. These
include:

o Overall headcount increased by more than 80% from 500 to over 900

o Seven languages are spoken within the Company as a matter of course. They
include French, Spanish, Chinese, Malay, Swahili, Russian and English.

- Senior management organisation implemented: During FY 2009 we established the
global Group Executive team. This comprises seven Executives drawn from five
nationalities reporting into the Group CEO

- Our senior manager team has been strengthened and in-filled with over 30 new
direct reportees to the Group Executive. Main areas of recruitment have been the
new global sales and marketing team and an entirely new leaf buying
organisation

- People are key: we have invested heavily to get the best: Successful growth is
not just about numbers of people, but it is about the Quality of the recruits.
We have invested heavily to ensure PureCircle attracts and then retains the
best.

o On the recruitment front during FY 2009 we spent almost $1m in search fees,
principally towards the hiring of our Group Executive and senior sales &
marketing teams; but also in strengthening our supply chain organisation

o We have successfully secured senior management from the top companies. People
who joined PureCircle in FY 2009 have come from a blue chip list of the F&B
world. Companies include Tate & Lyle, Kraft, Nestle, Firmenich, Tetley Tea,
Nutrasweet to name but a few.

o Our recruitment has secured a wide breadth of skills including ingredient
sales, marketing, applications, research, agronomists, plant breeding,
engineers, refining, finance, logistics, production line, Human Resources,
Information Technology

- Major progress implementing best management and retention practices: our
ambition is to build a large world class business. Retaining, managing and
developing the best management is core to this. During FY 2009 we implemented a
suite of initiatives that will provide a strong foundation to support this
objective.

o We have designed and implemented Business Unit based delegated authorities and
accountability tailored for each key activity and geographic region of the
Group

o We have designed and implemented a suite of key management reports covering:

S Key Performance Indicators aligned with overall Corporate objectives

S Daily, weekly, monthly reporting

S Historic, current and forecasting time horizons

o Our vision for the organisation and reporting is to secure the best
combination of an entrepreneur style flat management structure and pace of
decision making together with the best of "blue chip" corporate disciplines

o We have implemented tailored performance based management systems linked to
short and long term incentivisation. A global Short Term Incentivisation (STI)
scheme and a Long Term Incentive Plan were up and running across FY 2009 for the
first time.

o The foundations and operating principles for systemic training programmes are
in the process of being designed for rapid ongoing implementation. These include
Health & safety, "How PureCircle does business" and, most importantly, training
to embed a strong customer service culture across the Group

-

Overall

o FY 2009 was a transformational year for our people and for our organisation.
We are building a genuine multinational company, albeit one that is relatively
small today

o We have ambitions to grow into a large multinational and to do so we know we
must build on firm foundations

-

Looking forward: much still to do

- Whilst we made significant progress in FY 2009, the work is not completed by
any stretch of the imagination and the challenges ahead are considerable. We are
clear on the agenda ahead:

o We need to invest further in skills and resources to stay ahead of the
exponential growth in the customer service demands of our growing client base

o Our information management systems need automating and upgrading

o We need to invest further in building a strong PureCircle culture to help bind
the many different activities and people together effectively. At the heart of
our culture is a shared desire to build a true world leader in the fast growth
natural sweetener industry, underpinned by excellent customer service in
everything we do.

8. Outlook

Over the medium term we are highly confident that the Natural High Intensity
Sweetener market will develop into a truly mass market industry. Our confidence
is supported both by ever accelerating macro trends, such as the need to address
obesity, by systemic trends in consumer behavior, such as the desire to be in
control of their diet, and by the feedback we are getting from the major F&B
companies in all regions of the world.

In the short term the NHIS industry is dependent upon getting new products
launched into the consumer market. Whilst we see a growing pipeline of such
launches, we believe it will be calendar 2010 and 2011 before the real step
changes in activity occur.

We are determined to be ready and to have stayed well ahead of the industry as
the step changes unfold. I believe we have made excellent progress on all fronts
over the past year. Whilst I am clear that there is a great deal still to do and
further challenges to overcome, I look forward to reporting on further
successful progress towards our goals in the future.

Magomet Malsagov

Chief Executive Officer

GROUP FINANCIAL REVIEW

The Group's financial year runs from 1 July to 30 June. The Group's Audited
results cover the year from 1 July 2008 to 30 June 2009 ("FY 2009"). To assist
the better understanding of the Group's performance compared to prior periods,
for illustrative purposes only, we are providing Pro-Forma consolidated income
statements for the twelve months to 30 June 2008 ("FY 2008") as well as the
audited actual results for the six months 1 January to 30 June 2008.


Consolidated Income Statements Audited


More to follow, for following part double-click [nRn2W5013Z]

23.09.2009Part 2 : For preceding part double-click [nRn1W5013Z]
From 1.1.2008
Audited Pro-forma1 To
FY 2009 FY2008 30.6.2008
USD'000 USD'000 USD'000
(Restated) (Restated)

REVENUE 60,023 34,132 19,674
COST OF SALES (34,431) (24,970) (15,058)


GROSS PROFIT 25,592 9,162 4,616

OTHER INCOME 792 4,486 3,201


26,384 13,648 7,817

ADMINISTRATIVE EXPENSES (14,548) (6,903) (5,691)

FINANCE COSTS (net of foreign exchange) (414) (4,435) (996)


PROFIT BEFORE TAXATION 11,422 2,310 1,130

INCOME TAX (EXPENSE) / CREDIT (352) 789 -


PROFIT AFTER TAXATION 11,070 3,099 1,130


ATTRIBUTABLE TO:-
EQUITY HOLDERS OF THE COMPANY 11,203 2,080 860
MINORITY INTERESTS (133) 1,019 270


11,070 3,099 1,130

EARNINGS PER SHARE (US CENTS)
- Basic 8.49 1.60 0.66
- Diluted 8.42 1.60 0.66




1The Group adopted US Dollar as its functional currency effective 1 July 2007.
Under IAS 21, the comparative audited financial information, i.e. the period to
30 June 2008 has been restated. No material adjustments resulted from the
restatement.


Consolidated Balance Sheets 30.06.2009 30.06.2008
USD'000 USD'000
(Restated)
ASSETS
NON-CURRENT ASSETS
Investment in subsidiaries - -
Investment in an associate 48 126
Intangible assets 14,018 7,987
Property, plant and equipment 64,968 31,932
Prepaid land lease payments 2,776 2,265


81,810 42,310

CURRENT ASSETS

Inventories 31,452 9,582
Trade receivables 27,173 7,430
Other receivables, deposits and prepayments 11,020 7,642
Amount owing by a subsidiary - -
Amount owing by related parties - 1,433
Short-term deposits with licensed banks 14,710 13,563
Cash and bank balances 4,210 30,888


88,565 70,538


TOTAL ASSETS 170,375 112,848



EQUITY AND LIABILITIES
EQUITY
Share capital 13,272 13,272
Share premium 66,353 64,104
Treasury shares (represents less than USD1.00) * *
Foreign exchange translation reserve 1,032 1,439
Share option reserve 1,704 480
Retained profit/(Accumulated loss) 12,276 1,073


SHAREHOLDERS' EQUITY 94,637 80,368

MINORITY INTERESTS 600 1,381


TOTAL EQUITY 95,237 81,749




Consolidated Balance Sheets (Continued) 30.06.2009 30.6.2008
USD'000 USD'000
(Restated)

NON-CURRENT LIABILITY
Long-term borrowings 40,008 11,888


40,008 11,888


CURRENT LIABILITIES

Trade payables 2,945 1,186
Other payables and accruals 5,766 2,029
Short-term borrowings 26,419 15,608
Bank overdraft - 388


35,130 19,211


TOTAL LIABILITIES 75,138 31,099


TOTAL EQUITY AND LIABILITIES 170,375 112,848


NET ASSETS PER SHARE (USD) 0.71 0.61



Consolidated Cash Flow Statements


The Group
From
1.1.2008
to
30.06.2009 30.06.2008
USD'000 USD'000
(Restated)
CASH FLOWS (FOR)/FROM OPERATING ACTIVITIES
Profit for the financial year/period 11,422 1,130

Adjustments for:-
Amortisation of intellectual property rights (117) 38
Amortisation of prepaid land lease payments 25 20
Depreciation of property, plant and equipment 2,453 953
Excess of Group's interest in the net fair value of
acquiree's identifiable assets, liabilities and contingent
liabilities over cost of acquisition - (1,971)
Gain on disposal of plant and equipment (21) -
Interest expense 3,854 1,039
Interest income (322) (600)
Share of loss of an associate 78 19
Share option reserve 1,224 480
Waiver of debts (319) -

Operating cash flow before working capital
changes 18,277 1,108

(Increase)/Decrease in inventories (21,862) 4,667
Increase in trade and other receivables (22,638) (2,862)
Increase in trade and other payables 4,801 969


NET CASH (FOR)/FROM OPERATIONS (21,422) 3,882

Interest received 322 600
Interest paid (3,854) (1,039)
Tax paid (352) -


NET CASH (FOR)/FROM OPERATING ACTIVITIES (25,306) 3,443

CASH FLOWS FOR INVESTING ACTIVITIES

Acquisition of intangible assets (2,672) (373)
Acquisition of leasehold land (514) (716)
Increase in investment in subsidiaries (2,965) -
Acquisition of property, plant and equipment (32,438) (6,343)






Consolidated Cash Flow Statements (Continued)


The Group
From
01.01.2008
to
30.06.2009 30.06.2008
USD'000 USD'000
(Restated)
NET CASH FOR INVESTING ACTIVITIES (38,589) (7,432)


CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from disposal of treasury shares 1,598 120
Proceeds from issuance of shares to minority interest 1,500 -
Net drawdown of borrowings 35,711 3,685
Net movement of hire purchase (99) (35)


NET CASH FROM FINANCING ACTIVITIES 38,710 3,770

Effects of foreign exchange rate changes on
cash and cash equivalents 42 538

CASH AND CASH EQUIVALENTS
AT BEGINNING OF THE FINANCIAL YEAR/PERIOD 44,063 43,744


CASH AND CASH EQUIVALENTS
AT END OF THE FINANCIAL YEAR/PERIOD 18,920 44,063



NET (DEBT)/CASH AT END OF FINANCIAL YEAR/PERIOD (47,507)
(16,567)

Revenues

Revenues for FY 2009 were up 76% to US$ 60.0million reflecting increased
production and sales of our portfolio of natural sweeteners. Sales of high
purity Reb A increased in volume terms from 115 to 266 tonnes and contributed
just over 80% of total revenue.

In our trading update of 8 July 2009 we announced that sales for FY 2009 would
be not less than US$62million. Our more detailed subsequent reviews of FY 2009
cut-off highlighted that some US$2million of revenues were more appropriately
recognized as FY 2010 transactions and so we have reported the lower value for
FY 2009.

Margins

Gross margins of 43% were 16 percentage points higher than 27% achieved in FY
2008, reflecting the improved utilisation of available production capacity.
However we have plenty of additional capacity and the potential to improve
margins further as growth drives economies of scale.

Other income

In a series of transactions since December 2006 the Group has taken control of
its stevia extraction production subsidiary PureCircle Jiangxi ("PCJ"). During
FY 2009 the Group increased its holding in PCJ further to 98.05% from 95% at 30
June 2008.

In FY 2008 the Group received other income of US$4.5million. This represented
royalty income for Intellectual Property used by PCJ and negative goodwill on
the acquisition of shares in PCJ during FY 2008. There was no equivalent income
earned in FY 2009.

The FY 2009 other income represents development grants awarded to PureCircle in
a number of countries across the world, principally to support our stevia
plantation initiatives.

Management and administration expenses

The Group's selling and management expenses increased by US$ 7.6million (111%)
to US$ 14.5million. This reflected the major investments made into our global
organisation, notably establishing seven offices in five continents and
recruiting a quality global sales and marketing organisation. The full year
effect of the investments made is estimated at over US$10 million.

Net profit attributable to shareholders

The Group's net profit attributable to shareholders improved US$9.1million
(428%) to US$11.2 million from US$ 2.1million. The strong growth in sales,
coupled with stronger margins and increasing benefits of our integrated
production model have all contributed to the improvement. The increased
profitability is after investing heavily in building our global sales, marketing
and supply chain organisation.

Finance costs totalled US$3.4million, an increase of US$2.4million over FY 2008
due to the Group's larger stevia leaf purchases and other investments which
increased the average debt balances across FY 2009. The finance costs were
substantially offset by US$3million foreign exchange gains.

Cashflow and Balance sheet

During FY 2009 the Group invested US$64 million in capital expenditure, higher
leaf inventories and related working capital to support growth. This
transformational level of investment resulted in the Group moving from net cash
of US$ 17million at 30 June 2008 to net debt of US$ 47million at 30 June 2009.

The major capital expenditure project was the expansion of extraction capacity
at PureCircle Jiangxi. This is a US$35million project, of which US$25million
cash was expended in FY 2009, with the balance in FY 2010.

At 30 June 2009 the Group has net assets of US$95million (FY 2008 US$
82million)

William Mitchell

Chief Financial Officer

Audited accounts




The Group's audited accounts for financial year ended 30 June 2009 will be
posted on www.purecircle.com today (23 September
2009) and will be physically posted to shareholders in November 2009.




This information is provided by RNS

The company news service from the London Stock Exchange

END

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