23/11/1999 - 21:00

Supersorb soaks up rivals

23/11/1999 - 21:00

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ALBANY-based Supersorb Minerals NL is positioned for major expansion into multi-billion dollar markets in the eastern states and overseas.

Supersorb soaks up rivals

ALBANY-based Supersorb Minerals NL is positioned for major expansion into multi-billion dollar markets in the eastern states and overseas.

After a series of carefully orchestrated corporate moves, including a sweetheart deal with Perth-based junior minerals explorer Talon Resources NL which now holds 68 per cent equity in the company, Supersorb has put together a shrewd business plan aimed at boosting considerably its current turnover of $3.67 million.

The company is fast developing into a leading supplier of commercial and industrial absorbent products.

In the last fiscal Supersorb earned a net record profit of $168,856 on a 108 per cent increase in revenue of $2.61 million.

Its springboard to increasing business included the $2.83 million acquisition of major New South Wales competitor Australian Diatomite Mining NL.

Supersorb chairman Stephen Stone said this had catapulted his company to market leadership in the Australian absorbent granules market.

“The bottom line with this company is that it has real cash flow, real profits and real growth potential,” he said.

Mr Stone said the company was on track to meet its upgraded forecast operating profit for 1999-2000 of $1.69 million on a three-fold increase in sales to $11.5 million.

At the company’s recent annual general meeting, Supersorb executive director Tony Parry said the company was evaluating overseas market opportunities and within six months would be negotiating potential alliances.

Supersorb managing director Laurie Trott said the potential for developing new markets through innovative product development using the physical and chemical characteristics of its range of minerals was recognised as a key future growth area for the group.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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