Camellia PLC Interim Management Statement (2406R)
October 24 2013 - 2:00AM
UK Regulatory
TIDMCAM
RNS Number : 2406R
Camellia PLC
24 October 2013
Camellia Plc
Interim Management Statement
24 October 2013
This statement is made in accordance with Rule 4.3 of the UK
Listing Authority's Disclosure and Transparency Rules and covers
the period from 1 July 2013 to 24 October 2013.
The interim report issued on 29 August 2013 has been posted to
shareholders and includes a statement from the Chairman. That
report, which can be viewed on the company's website
(www.camellia.plc.uk), refers to a number of issues that would
otherwise be reported in this interim management statement.
Overall tea production on our estates in India has increased,
and prices are slightly ahead, of the same period last year.
Tea production in Bangladesh is below that of last year. Auction
prices have recently declined as a result of cheaper imports from
India brought on by the weaker Indian Rupee coupled with lower
import duty which came into effect on 1 July 2013. Rubber
production in Bangladesh was below expectations due to the high
rainfall.
Weather conditions in Kenya have recently been wet and cold
resulting in less than ideal growing conditions. However,
production is still well ahead of last year following excellent
growing conditions earlier in the season. Prices at auction have
declined reflecting the high volumes from most producers in the
country resulting in an oversupply situation. Avocado volumes ended
the season below that of last year due to higher incidence of pest
damage. Our operations in Kenya have not been impacted by the
recent terrorist incident in Nairobi.
In Malawi, tea production has shown an improvement over last
year, following the higher rainfall earlier in the year and the
recovery from the drought at the end of 2012. Prices were above
last year. The macadamia season has ended with volumes lower than
last year but the quality of the nuts at cracking has been higher.
Prices have remained firm.
The macadamia harvest in South Africa has ended with volumes
lower than last year due to poor weather conditions earlier in the
season with prices remaining firm. The new management team at the
wine growing operations in South Africa have concentrated on
gaining new customers, particularly in China, and building up the
sales of high quality wine. The cellar was recently awarded a
double gold medal in the Michelangelo awards for its 2013 Louis
Fourie Chardonnay and a silver medal for its 2010 Linton Park
Shiraz. Increasing market share remains challenging.
The Group's agricultural businesses in Brazil and California
continue to meet expectations with improved yields and
profitability. The new almond plantings in California are
developing well.
The UK operations show an overall increase in activity as the
economy starts to recover from the recession. Sales by Abbey Metal
Finishing have improved but are still slightly below budget. Demand
for GU Cutting and Grinding in Stockport has been steady. However,
the company continues to operate well below capacity. The
performance of AKD Engineering has been hit by delays in a
significant contract which should complete in the first quarter of
2014. The operations at AJT Engineering in Aberdeen remain buoyant
with the continued demand in the offshore oil and gas sector.
Cold storage utilisation at ACS&T has decreased over the
summer with less activity by a key customer. However, the build-up
of stock for the Christmas period has now started which has
increased utilisation. Trading conditions for the operations in the
Netherlands remain challenging.
Duncan Lawrie has made further progress in gaining new customers
following the increased marketing of its banking and fund
management businesses.
Further enquiries please contact Camellia Plc
Malcolm Perkins
01622 746655
This information is provided by RNS
The company news service from the London Stock Exchange
END
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