Camellia PLC Trading Update (8268I)
December 07 2022 - 2:00AM
UK Regulatory
TIDMCAM
RNS Number : 8268I
Camellia PLC
07 December 2022
7 December 2022
Camellia Plc
(the "Company" or the "Group")
Trading update
Further to the trading announcement on 22 November there has
been no change to our expectations for underlying profit before tax
for the Group for 2022, with the exception of the trading for
BF&M Limited (BF&M) which announced Q3 results yesterday
which are significantly below our expectations.
BF&M reported a shareholders' net loss of Bermuda$13.4
million for the nine months ended 30 September 2022, as compared to
shareholders' net income for the comparative period in 2021 of
Bermuda$19.5 million. Net income from operations after excluding
the negative fair value movements in investments was Bermuda$9.3
million versus Bermuda$17.8 million in the first nine months of
2021. Despite the economic headwinds and investment market
volatility that continue to impact BF&M results, BF&M's
underlying business is trending favourably with Property and
Casualty benefiting from a strong rate environment and minimal
exposure to Hurricanes Fiona and Ian. Group Life results were
strong while Group Health claims remain elevated over pre-pandemic
levels. The Pension and Annuity businesses remains well-positioned
to optimise opportunities as the markets settle.
Equity attributable to BF&M's shareholders at 30 September
2022 was $294.0 million.
Excluding any financial results for BF&M, the Company
believes that the adjusted profit before tax* for the Group will be
approximately 50 - 55% below that of last year. In light of
BF&M's Q3 results, it is likely that adjusted profit before
tax* for the Group for the year ended 31 December 2022 will be
lower than announced on 22 November 2022. However as a consequence
of the impact of the volatility of equity and bond markets on
BF&M's results, it is not possible for Camellia to forecast the
likely full year outcome for BF&M with any certainty.
* adjusted profit before tax seeks to present an indication of
performance which is not impacted by exceptional items or items
considered non-operational in nature and for example it excludes
impairment charges, gains/losses on disposal of assets and
restructuring costs.
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation.
Enquiries
Camellia Plc 01622 746655
Malcolm Perkins, Chairman
Susan Walker, Chief Financial Officer
Panmure Gordon 020 7886 2500
Nominated Adviser and Broker
Emma Earl
Erik Anderson
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END
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