Camellia PLC AGM Trading Statement (6458Q)
07 June 2018 - 8:30PM
UK Regulatory
TIDMCAM
RNS Number : 6458Q
Camellia PLC
07 June 2018
Camellia Plc
AGM Trading Statement
(7 June 2018)
Camellia Plc (CAM.L) has today issued the following update on
trading in the year to date.
For our tea operations, weather conditions in the first part of
2018 across most of our growing regions have been favourable and
with the exception of Bangladesh, early season volumes are better
than last year. Average prices in the first few months have also
been substantially above last year as less tea was held over from
the previous year. However, in recent weeks we have seen a decline
in the Mombasa auction price, reflecting these increased volumes.
As always, the majority of tea production will take place in the
second half of the year.
The macadamia harvest is ongoing and cracking has commenced in
all our facilities. At this stage we expect volumes to be higher
than the drought affected crops of 2016 and 2017.
Harvesting of the avocados in Kenya has also started and volumes
are expected to exceed last year, in line with our planting
schedule. It is too early in the season to speculate on pricing for
either macadamia or avocado.
Despite good rainfall in California, a late frost has damaged
the almond crop, although by how much remains uncertain. The
remaining crops would appear to be largely unaffected.
Other agricultural businesses continue to perform in line with
expectations.
The Food Service division has started 2018 well, with high
utilisation rates for our cold stores. Jing tea is now integrated
with the Group and we continue to develop and build the business in
line with our strategy of moving up the value chain.
The Engineering South businesses are proceeding in line with
expectations. The Engineering North business had a slow start to
2018 with the bad weather impacting production and delivery of
orders. However, I am pleased to report that orders have now
increased to values not seen for over two years and the outlook is
encouraging.
Our results remain largely dependent on Agriculture where the
majority of harvesting, and hence sales, takes place in the second
half of the year. It is therefore too early to give an indication
of the likely outcome for 2018.
This announcement contains inside information for the purpose of
Article 7 of the Market Abuse Regulation (EU) N0. 596/2014.
Enquiries
Camellia Plc 01622 746 655
Tom Franks, CEO
Susan Walker, CFO
Panmure Gordon 020 7886 2500
Nominated Adviser and Broker
Andrew Godber
Erik Anderson
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END
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