Coronavirus Update

Camellia Plc - Final Results 2019

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CAMELLIA PLC

FINAL RESULTS

Camellia Plc (AIM:CAM) Final results for the year ended 31 December 2019.

Malcolm Perkins, Chairman, stated:

"The Group is set up in a way that re?ects our long-term approach, with ?nancial stability and sustainability being at the heart of our philosophy.  The current situation with regard to COVID-19 is unprecedented not only in its severity but because we cannot tell at this stage for how long it will last nor what the implications will be.  However for now our agricultural operations, with the exception of India, are producing as expected and our non-agricultural businesses continue to trade, albeit some at a significantly reduced rate.  The overall impact on prices for our crops will not be known until later in the year.

We remain ?nancially strong, with signi?cant net cash, and have the resources to withstand a period of disruption. The demand for our agricultural produce will remain and we are managing the business in a pragmatic manner which we believe will ensure our future prosperity whilst taking the necessary steps to manage our costs and spending in the short term.

Against this background I should like to thank all our staff across the world for their invaluable contributions both to the business and their local communities."

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 Year ended

 

 Year ended

 

 

 31 December 2019

 

 31 December 2018

 

 

£'m

 

£'m

 

Revenue - continuing operations

291.5

 

309.8

 

Underlying profit before tax*

16.1

 

38.1

 

Significant provision releases and other separately disclosed items

6.2

 

14.4

 

(Loss)/profit from discontinued operation

-

 

(0.2)

 

Profit after tax for the year

15.1

 

32.3

 

Earnings per share

300.5

p

912.4

p

Earnings per share - continuing operations

300.5

p

919.6

p

Total dividend for the year

42

p

142

p

 

 

 

 

 

* Underlying profit before tax is profit before tax from continuing operations excluding separately disclosed significant items

Financial highlights

 

Underlying profit before tax from continuing operations down 58% reflecting the poor tea prices experienced throughout the year

 

Significant net provision releases contribute an additional £6.2m of profit before tax

 

Net cash resources less borrowings of £77.1m and an investment portfolio with a market value of £43.8m at 31 March 2020

Strategic highlights

 

Significant investment made in crop diversification in recent years has partially offset weakness in global tea prices

 

Completion of acquisition in India provides enhanced Assam offering 

 

Acquisition of farm in South Africa and trials of blueberries and avocados in Kenya provide long-term growth potential

 

Sustained focus on production efficiencies and expense management has helped contain costs

 

Continued commitment to ESG principles which remains core to Camellia ethos

This announcement contains inside information for the purpose of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

The Annual Report will be available on the investor relations section of the Company's website www.camellia.plc.uk