Camellia PLC Trading Update (8157E)
October 23 2018 - 2:00AM
UK Regulatory
TIDMCAM
RNS Number : 8157E
Camellia PLC
23 October 2018
23 October 2018
Camellia Plc
(the "Company")
Trading update
The Board announces the following trading update for the year to
31 December 2018. Reflecting substantial past investment and the
favourable weather conditions experienced during the year for most
of our agricultural operations, the volumes of all our core crops
(tea, macadamia and avocado) are now anticipated to be at or near
record highs.
Excellent volumes have however been accompanied by volatile
prices. In Bangladesh the tea price has seen record highs and in
Kenya and Malawi average tea prices have been above our earlier
expectations given the volumes in the market. The harvests for
avocados and macadamias are now substantially complete and whilst
the significant fall in the prices of avocados globally has largely
negated the increase in volumes, average macadamia prices in the
year to date have been higher. Our remaining crops have performed
in line with expectations. As a result, the Board believes that the
profit before tax of the Group for the year is likely to be
substantially above market forecasts.
The Board can also confirm that the previously announced
disposal of BMT (Great Yarmouth) is now complete and that following
a process to attract new investors, the Group has disposed of the
entirety of its interest in XiMo AG. Contracts to purchase the land
in Tanzania that we announced in the interim results have also been
signed and we are now progressing with the transfer of titles. In
addition, the Group has signed memoranda of understanding to
acquire 2 additional tea gardens in Assam, India.
This announcement contains inside information for the purpose of
Article 7 of the Market Abuse Regulation (EU) N0. 596/2014.
Camellia Plc 01622 746655
Tom Franks, CEO
Susan Walker, CFO
Panmure Gordon & Co (Nominated Adviser and Broker) 020 7886
2500
Erik Anderson
Adam James
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END
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