M. P. Evans Group PLC Strong CPO pricing during second half of 2024
November 15 2024 - 2:00AM
RNS Regulatory News
RNS Number : 3253M
M. P. Evans Group PLC
15 November 2024
M.P. EVANS GROUP
PLC
("Company", "Group" or "M.P. Evans")
STRONG CPO PRICING DURING
SECOND HALF OF 2024
The board of M.P. Evans Group PLC, a
producer of sustainable Indonesian palm oil, is pleased to report
the recent and continuing strength in the price of crude palm oil
("CPO"), the Group's main product, which will have a beneficial
impact on the Group's results for 2024.
In the Group's 2024 interim results
announcement on 16 September 2024, the board indicated that the
Group's total crop for processing in 2024 was expected to be
similar to 2023 at 1.6 million tonnes. Taking account of volumes
since that date, this remains the board's expectation.
The board also stated that, having
achieved an average mill-gate price for its CPO of US$777 per tonne
for the first eight months of the year, there was a risk that
prices could fall in the remainder of the year. This has not
happened and, furthermore, CPO prices have strengthened
significantly since the Group's interim results announcement in
response to a tightening of global vegetable-oil supplies. As a
consequence, the Group has consistently achieved mill-gate prices
higher than the eight-month average such that the average for the
first ten months of the year has increased to approximately US$800
per tonne. Some Group sales in November have exceeded US$950 per
tonne.
This more favourable pricing
environment, combined with a continued focus on cost control, means
that the board expects Group revenue to be higher than that
previously envisaged, and that there will be a more significant
impact on anticipated profitability.
The Group will provide a further
update for the whole of 2024 in its crop, production and pricing
announcement due to be released in January 2025.
This announcement contains information for the purposes of
Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms
part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of
MAR.
Enquiries:
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M.P. Evans Group PLC
|
Telephone: +44 (0) 1892
516333
|
|
Peter Hadsley-Chaplin,
chairman
|
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Matthew Coulson, chief
executive
|
|
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Luke Shaw, chief financial
officer
|
|
|
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|
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Cavendish Capital Markets (Nomad and
broker)
|
Telephone: +44 (0) 20 7220
0500
|
|
Matt Goode, George Lawson (Corporate
finance)
|
|
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Tim Redfern, Harriet Ward
(ECM)
|
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Hudson Sandler (Financial
PR)
|
Telephone: +44 (0) 20 7796
4133
|
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Charlie Jack, Francis Kerrigan,
Francesca Rosser
|
|
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END
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