Camellia PLC AGM Statement (8719I)
June 05 2014 - 7:30AM
UK Regulatory
TIDMCAM
RNS Number : 8719I
Camellia PLC
05 June 2014
Camellia Plc
AGM Statement 2014
I would now like to take this opportunity to bring shareholders
up to date with events in the current year.
Climatic conditions appear to be such that an early drought is
now to be expected in at least one of the countries in which we
operate. This year it was the turn again of Assam in India and it
is doubtful that their lost tea production will be made up later in
the year. Elsewhere tea production has been reasonable in Kenya,
Malawi and Bangladesh. Tea sale prices have also been satisfactory
in India and Bangladesh but are still only hovering around cost of
production in Kenya.
Other horticultural crops including rubber in Bangladesh,
macadamias in Malawi and South Africa and soya in Brazil are
meeting our expectations. The wine grape harvest in South Africa
was in excess of budget and the previous year. The citrus crop in
California was severely damaged by frost resulting in reduced
income. The avocado crop in Kenya is projected to be below
budget.
In Scotland our North Sea oil related engineering businesses are
performing well. Abbey Metal is gradually recovering business lost
after the fire but a return to profitability is still some way off.
Problems still remain at AKD as a result of a protracted and
ongoing dispute relating to a contract which is the subject of
legal proceedings.
The food storage and distribution businesses are still
experiencing very competitive conditions and growth is difficult to
achieve.
Senior management has recently been strengthened at Duncan
Lawrie. The continuing lack of any meaningful margin on depositors'
funds and the ever increasing costs of compliance remain an issue
for the bank although the expansion of the customer base continues
to be encouraging.
For further enquiries please contact Camellia Plc
Malcolm Perkins, Chairman
01622 746655
5 June 2014
This information is provided by RNS
The company news service from the London Stock Exchange
END
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