Camellia PLC Trading Statement (5754Y)
06 December 2017 - 11:28PM
UK Regulatory
TIDMCAM
RNS Number : 5754Y
Camellia PLC
06 December 2017
6 December 2017
Camellia Plc
(the "Company")
Trading update
The Company wishes to make the following update on trading.
While December remains a key trading month for the group in
India and Bangladesh, the performance of the Agriculture division
for the year is expected to be significantly ahead of market
expectations.
Following the low tea prices in India and Bangladesh in the
first half of the year, prices for new season teas have been
steadily rising over the last few months. In addition, average tea
prices in Kenya and Malawi have been higher than expected for the
year so far. Our crop of Hass avocado has also been satisfactory
and the selling prices have been close to those of last year
despite the smaller fruit sizes. Our Macadamia volumes are
marginally below those of last year however prices remained strong
throughout the year.
The Company draws your attention to the announcement made by
BF&M, an associate of the Group, today in which BF&M
announced significantly reduced shareholders' net income for the
nine months to 30 September 2017 of $5.2 million (9 months to 30
September 2016: $19.2 million). This result reflects the negative
net impact of the Caribbean hurricanes Irma and Maria on operating
results at 30 September of $14.9 million. The Group holds a 35.6%
interest in BF&M.
Despite the reduced results from BF&M, Camellia's profit
before tax for continuing operations (before any impairment
charges) for the year to 31 December 2017 is expected to be ahead
of analyst expectations.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No. 596/2014
Enquiries
Camellia Plc 01622 746655
Tom Franks, CEO
Susan Walker, CFO
0207 886
Panmure Gordon 2500
Nominated Advisor and Broker
Andrew Godber
Erik Anderson
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTEAAAKEAXXFFF
(END) Dow Jones Newswires
December 06, 2017 07:28 ET (12:28 GMT)
Camellia (LSE:CAM)
Historical Stock Chart
From Apr 2024 to May 2024
Camellia (LSE:CAM)
Historical Stock Chart
From May 2023 to May 2024