Camellia PLC – Half-year Report

Camellia PLC – Half-year Report

Camellia Plc (AIM:CAM) announces its interim results for the six months ended 30 June 2018.

Financial highlights 

Six months ended

30 June 2018

Six months

ended

30 June 2017

Year ended

31 December 2017

£’m

£’m

£’m

Revenue – continuing operations

127.6

123.6

298.3

Profit before tax from continuing operations

6.1

1.9

27.6

(Loss)/profit from discontinued operation

(0.3)

15.8

14.8

Profit for the period

3.7

16.3

28.6

Earnings per share

18.1p

532.2p

803.8p

Earnings/(loss) per share – continuing operations

29.0p

(39.8)p

268p

Dividend per share

40p

37p

135p

Highlights

  • 1st half tea production 39.2m kg, up 7% on same period of 2017
  • Record shipments in 1st half of early avocado crop from Kenya
  • Strong progress from Engineering North with revenues up 30% on the same period in 2017
  • Macadamia production expected to be substantially up on 2017; Kenya tea prices now experiencing significant downward pressure; avocado selling prices now significantly reduced
  • Closure of Duncan Lawrie now complete with a small additional provision of £0.3 million
  • Portfolio refinement continues
  • Interim dividend increased by 8.1%
  • Cash and cash equivalents at 30 June 2018 were £90.8 million (30 June 2017: £98.7 million)

Malcolm Perkins, Chairman of Camellia, stated: “Profits for our continuing operations for the first half of the year were better than anticipated reflecting the generally benign weather conditions and favourable markets experienced across our agricultural operations.  We have also made significant progress with our strategic initiatives to refine our portfolio.  We remain financially strong, with the resources to advance our development plans.”

The interim report will be available to download from the investor relations section on the Company’s website www.camellia.plc.uk

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