Jan 5 (Reuters) - Purecircle Ltd :
* Trading update
* Today provides a trading update for six-month period ended 31 december 2016 (h1 fy17).
* Group sales in h1 fy17 are expected to be $47m, a decrease of 14% against h1 fy16 (us$54m)
* Decrease is a direct consequence of previously announced detainment of shipments by us customs border protection partially offset by strong growth in rest of world.
* Group expects gross margin, ebitda and net profit to be lower compared to h1 fy16 due to aforementioned us cbp detainment order
* Cost of this weighed on our margins in h1, though we expect margins to be restored to previous levels once issue has been resolved.
* Group gross profit for first half is expected to be us$18m, a decline of 19% against h1 fy16 (us$22m)
* Ebitda is expected to be us$8m, a decrease of $5m, reflecting lower sales and adverse margins.
* Group’s net loss is expected to be us$2m (1h fy16 profit: us$5m).
* Group ended h1 fy17 with net debt of us$80m (h1 fy16 us$46m)
* Impoundment of our shipments and inclusion of purecircle’s name on withhold release order (“wro”) has inevitably had a significant negative impact on our market in us
* We anticipate a further communication to market in near term. Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 80 6749 1136)