Camellia PLC Trading Statement (7434N)
February 02 2016 - 2:00AM
UK Regulatory
TIDMCAM
RNS Number : 7434N
Camellia PLC
02 February 2016
Camellia Plc
(the 'Company' or the 'Group')
Pre-Close Trading Update
Camellia Plc (CAM.L) the global agriculture and horticulture
group, whose activities also extend to engineering, food storage
and distribution, banking and financial services, has today issued
the following update on trading in 2015.
The Company is pleased to announce that Headline Profit(1)
before tax for the year to December 2015 is anticipated to be
broadly in line with market expectations.
As previously indicated, tea prices in Kenya strengthened during
the first half of 2015 and they remained significantly higher than
those experienced in 2014 during the second half of the year. In
addition, prices achieved during the year for the avocado and
macadamia crops also exceeded expectations.
However, the positive trading news is tempered by the impact of
newly enacted legislation in Bangladesh which requires companies to
make a payment on retirement to all employees, based upon
compensation and length of service. The Company has therefore been
obliged to make an appropriate provision for the approximately
18,000 Company employees in Bangladesh, which is estimated to
amount to GBP6.5 million as at 31 December 2015.
The remaining parts of the Group have traded largely in line
with expectations.
Over and above the Headline Profits figures, due to currency
movements the Company anticipates that the 2015 accounts will
reflect a significant increase in the value of biological
assets.
The preliminary results for the year ended 31(st) December 2015
will be announced on 28(th) April 2016.
(1) Headline Profit is defined as underlying performance
excluding biological asset valuation gains and losses, exceptional
items (including profit and losses from disposal of non-current
assets and available for sale financial investments and impairments
of non-current assets) and financing income and expense relating to
retirement benefits.
Camellia Plc 01622 746655
Tom Franks, CEO
Susan Walker, CFO
Panmure Gordon 020 7886 2500
Nominated Adviser and Broker
Russell Cook
Erik Anderson
This information is provided by RNS
The company news service from the London Stock Exchange
END
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