Gold Frost, an Israeli company which researches, designs and distributes dairy kosher foods, has started AIM trading after a £4.5 million placing.

Headed by Zwi Williger and 76 per cent-owned by Israel's Nasdaq-traded G.Willi-Food group, Gold Frost runs a research and development facility for 'kosherising' chilled, frozen, dairy and other foodstuffs, so that they conform to traditional Jewish dietary rules. The company, whose largest customers as yet are Israel's four leading supermarket chains, argues that this process also makes its products low in fat and cholesterol and thus attractive to an international market, including non-Jewish consumers.

Gold Frost increased pre-tax profits from £285,000 to £1 million between 2002 and 2005 on revenues up from £2 million to £3.7 million, though last year brought only a marginal profits increase on revenues down from 2004's £4.2 million. The company, whose directors include former Marks & Spencer veteran Barry Morris and accountancy and finance expert Yael Rothschild, is keen to expand into the US market, Europe and elsewhere, noting that the £20 billion world-wide kosher market is growing at 15 per cent a year.

Placed at 35p by broker and nominated adviser Corporate Synergy, Gold Frost shares quickly went to 41p this morning. They should have long-term appeal, offering exposure to a niche player.

Gold Frost	AIM	0pm	p	p
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