Camellia PLC Interim Management Statement (4933D)
March 28 2014 - 11:16AM
UK Regulatory
TIDMCAM
RNS Number : 4933D
Camellia PLC
28 March 2014
Camellia Plc
Interim Management Statement
28 March 2014
Interim Management Statement
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 January 2014 to 28 March 2014.
Tea production in India and Bangladesh is minimal at this time
of year. Whilst Indian tea prices are currently slightly in excess
of last year those in Bangladesh are lower due to competition from
cheaper imports.
The political situation in Bangladesh appears to have stabilised
following the election earlier in the year.
In Kenya, tea crop production has been well ahead of budget but
prices have been volatile and are currently lower than last year.
There have been high levels of rainfall in Malawi and the outlook
for production is promising for later in the season. However,
currently prices are also lower than last year.
Estimates for the avocado harvest in Kenya are slightly below
initial expectations due to the recent dry weather conditions.
The Macadamia crop in Malawi is expected to be in line with
budget following favourable weather conditions at the end of
2013.
The soya harvest in Brazil has been impacted by a severe drought
early in the season which resulted in a reduction in yield.
Citrus and pistachio production is expected to be in line with
budget at Horizon Farms, despite the record drought in California.
Investment in irrigation on the farm has helped protect the crops
from the severe shortage of water.
The Group's UK engineering businesses continue to experience an
uneven recovery. AJT Engineering in Scotland has performed well
reflecting the strength of the oil and gas sector. Performance at
AKD Engineering has been detrimentally and significantly impacted
by the delay in, and the increased costs of, completing a major
fabrication contract. Abbey Metal Finishing has seen a gradual
improvement in sales but is yet to return to profitability. Loddon
Engineering has seen an increase in enquiries for higher value
overseas orders. Performance at BMT in Great Yarmouth has improved
following the recovery in the UK construction industry. Trading has
improved slightly during the period at GU Cutting &
Grinding.
The severe shortage of prawns continues to impact sales by
Affish BV in the Netherlands. Sales at Wylax International BV were
in line with budget as the Dutch economy slowly started to
recover.
The overall utilisation level of warehousing provided by
Associated Cold Stores and Transport has improved slightly.
However, transport performance is slightly below budget following
the wet weather over the winter and a fall in demand for a product
of a major customer.
Duncan Lawrie continues to see a rise in current account
business following the success of recent marketing and business
development activity although new lending has been slower than
estimated at the end of 2013. However, the prospects for the
lending business are promising for 2014 with the recovery in the UK
economy.
Camellia Plc will announce its results for the year ended 31
December 2013 on 24 April 2014.
For further enquiries please contact Camellia Plc
Malcolm Perkins, Chairman
01622 746655
28 March 2014
This information is provided by RNS
The company news service from the London Stock Exchange
END
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