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Active Energy unaffected by Ukraine export ban

AEG has moved swiftly to dispel fears over the future of its flourishing Ukraine export business.

Wood chip being loaded for export.

A new law banning the export of unprocessed wood from Ukraine will not apply to Active Energy Group (LON:AEG), the AIM-listed timber specialist has confirmed, addressing market speculation.

The 10-year embargo doesn’t affect the group because its end product, wood chip, is processed.

In fact AEG believes the new legislation could provide a net benefit to its operations by developing the processing industry and providing shipping and logistics opportunities.

Its Ukraine business is significant as it generated revenues of US$17.4mln last year – an eleven-fold increase on 12 months earlier.

Chief executive Richard Spinks told investors: "My co-directors and I remain very confident in the long-term viability and continued success of the group's Ukrainian wood chip operations.

"We are fully-committed to continuing with our expansion plans to meet the greatly-increased demand for our products from our Turkish MDF manufacturing customer base."

Quick facts: Active Energy Group PLC

Price: 0.65 GBX

Market: LSE
Market Cap: £7.86 m

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