Shares in PureCircle slumped 17%, wiping £5.0m from the value of its chief executive's stake, after the group said that US approval of its key sweetener product had come too late to have much of an impact until 2010.

A trading statement from the Malaysia-based group, which is listed on London's Aim junior market, said revenues would come in $62m for the year to the end of June, up from $33m a year before.

Sales of its core sweetener, Reb A, which is extracted from the stevia plant, more than doubled by weight to 264 tonnes after its adoption by more than 25 customers, including Cargill, Cocoa-Cola and PepsiCo.  A year ago, PureCircle had one customer.

Earnings would reach $11m, at worst, compared with $2m a year before, the statement added.

FDA approval

Nonetheless, earnings at this level, equivalent to $0.13 a share, would be short of the $0.17-a-share result forecast by analysts, according to JCF Factset.

December's approval of Reb A by the US Food and Drug Administration, an announcement which sent PureCircle shares soaring 15%, had come too late for customers to include the sweetener in their 2009 product plans, Wednesday's statement said.

Launches of a further round products containing Reb A would pick up next year.

PureCircle shares closed 34p lower at 162.5p, valuing Mr Malsagov's stake at £24.1m.