Camellia PLC Trading Update (2183S)
08 März 2023 - 8:05AM
UK Regulatory
TIDMCAM
RNS Number : 2183S
Camellia PLC
08 March 2023
8 March 2023
Camellia Plc
(the "Company" or the "Group")
Trading update
Further to the trading announcement on 7 December there has been
a significant improvement to our expectations for underlying profit
before tax for the Group for 2022.
Negotiations on pay in Bangladesh have now concluded resulting
in a government mandated payment of Tk11,000 per permanent worker
(payable during 2023) and a pay increase of 41.7% effective from
the beginning of August 2022. This is a significantly improved
outcome than anticipated and will be reflected in our 2022
results.
In addition, trading in our agriculture division in the final
quarter of the year has been ahead of our expectations due to:
-- Higher net sales prices achieved for India, Bangladesh and Kenya teas
-- Better net sales prices for avocados
-- Improved net sales prices achieved for both soya and maize
-- Tighter control of production and overhead costs across the division
-- Offset in part by lower net sales prices for macadamia and Malawi teas
We also further reduced our head office overhead costs.
Revenue for continuing operations* for 2022 is now expected to
be approximately GBP294 million. As a consequence of the factors
set out above, excluding any financial results for BF&M for
2022, the Company now believes that the adjusted profit before tax
for continuing operations** for the Group for 2022 will be
approximately 10% below the reported adjusted profit before tax for
continuing operations (including BF&M share of results for that
year) for 2021 which was GBP8.8 million. This compares very
favourably to the Company's previous guidance given on 7 December
2022.
BF&M is expected to announce its results in April 2023 and
until that time, 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.
* continuing operations are all operations except for ACS&T which was sold at the end of 2022
** adjusted profit before tax for continuing operations seeks to
present an indication of performance for continuing operations
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
Rupert Dearden
Maitland/AMO
PR
William Clutterbuck 07785 292617
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END
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