New British Palm Oil (NBPO) has seen sales for the first nine months of 2014 rocket to £320.7m ($503m) from £274.9m in the previous year.
The palm oil producer, which has a plant based in Liverpool, has seen trading prices of palm oil at its lowest in six years, it said in its trading update for the period from 1 January 2014 to 30 September 2014. It coined a record supply of alternative vegetable oils, the absence of an "El Niño" event, which is a certain type of weather condition, and a weakening Chinese economy, as the reasons for the prices.
Overall, the group said the business has continued to trade in line with the board’s expectations
This comes as the group announced an update regarding the cash offer by Sime Darby Plantation, which are planning a take-over of the business.
It said additional time would be allocated for the analysis of the palm oil market in Europe, delaying the clearance decision on the offer.
An announcement by Sime Darby Plantation said: "Following recent discussions with the EU Commission, it has been determined that additional time will be required for the collation of further market data to aid the analysis of the complex and dynamic palm oil market in Europe and the impact of the proposed transaction. This will result in a delay in the expected timing of the EU Commission’s clearance decision.”
The offer of £7.15 a share had been confirmed by NBPO, and the board said it unanimously recommend that its shareholders accept the offer, in the absence of a superior proposal. It expected the offer be completed by the end of December 2014.
NBPOL now said it will continue to update its shareholders of any further material developments.