Camellia PLC AGM Statement (7799G)
June 01 2017 - 6:30AM
UK Regulatory
TIDMCAM
RNS Number : 7799G
Camellia PLC
01 June 2017
Camellia Plc
AGM Statement
Camellia Plc has today issued the following update on trading in
the year to date.
Weather conditions have been generally dry in the first half of
the year, with a late start to the rains in India and Bangladesh
leading to a delayed start to the season. In Kenya the long rains
also began late which has led to a significantly reduced tea crop.
The consequent impact on prices and therefore the overall
performance of the tea business for the year is still to be
determined.
The aftermath of the drought in 2016 in Kenya, Malawi and South
Africa continues to be felt across our macadamia operations and the
harvest in all our areas of production is expected to be
significantly below that of last year, although prices have held
up. Avocados have also been hit by the dry weather which is
expected to result in reduced volumes and fruit size. However,
prices, particularly in Europe, are at record highs. Again, with
the harvest still underway it is too early to assess the overall
impact or to predict the prices we will achieve as the season
continues.
In California, a good snowpack, coupled with higher levels of
rainfall over the winter has improved the surface water supply on
the orchards. The murcott and navel orange harvests have been
exceptional and prices remain firm. We are optimistic about the
almond crop and this is an off year for pistachios. In Brazil the
soya yields have been excellent although prices remain under
pressure.
The remaining agricultural businesses are trading in line with
expectations.
In the UK, the engineering operations continue to trade as
anticipated; the aerospace and general engineering businesses are
busy but the Scottish oil related businesses have yet to see any
meaningful upturn.
The Food Service division has had a busy start to the year and
is trading well ahead of last year.
As previously announced, the sale of Duncan Lawrie Asset
Management to Brewin Dolphin was completed in May and the final
steps are now being taken to wind down the remainder of the Duncan
Lawrie businesses.
Camellia's overall results are largely dependent on agriculture
and the majority of the 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 results for 2017.
This announcement contains inside information for the purpose of
Article 7 of the Market Abuse Regulation (EU) N0. 596/2014.
Enquiries
Camellia Plc 01622 746655
Malcolm Perkins, Chairman
Tom Franks, CEO
Susan Walker, CFO
Panmure Gordon 020 7886 2500
Nominated Adviser and Broker
Andrew Godber
Erik Anderson
James Greenwood
This information is provided by RNS
The company news service from the London Stock Exchange
END
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