Camellia Plc - Half-year Report

CAMELLIA PLC

Interim Results

Camellia Plc (AIM:CAM) announces its interim results for the six months ended 30 June 2019.

Malcolm Perkins, Chairman of Camellia, stated:

"The oversupply of tea at the end of 2018 has had a direct impact on global tea prices and hence on the revenues and profitability of our tea operations in the first half.  Our increasing agricultural diversity has however helped to temper the impact of the tea market on our results and I am pleased that we are able to increase the interim dividend.  The in principle agreement and today's payment of wages in Kenya and India relating back to 2014 has allowed us to release the excess of the associated provisions, resulting in a profit for the period broadly in line with the comparable period of 2018."

Financial highlights

 

 

Six months ended

30 June 2019

Six months

ended

30 June 2018

Year ended

31 December 2018

 

£'m

£'m

£'m

Revenue - continuing operations

117.3

127.6

309.8

Underlying (loss)/profit before tax*

(4.1)

6.1

38.1

Provision releases

8.0

-

14.4

(Loss)/profit from discontinued operation

-

(0.3)

0.2

Profit for the period

3.6

3.7

32.3

Cash and cash equivalents net of loans

80.6

86.6

105.7

Earnings per share

50.7p

18.1p

912.4

Earnings/(loss) per share - continuing operations

50.7p

29.0p

919.6

Dividend per share

42p

40p

142p

Underlying profit/(loss) before tax is profit before tax from continuing operations excluding separately disclosed provision releases

Highlights

§ Results reflect the oversupply of tea in the market and consequential weak prices

§ Good progress with strategic initiatives in Agriculture following:

o  completion of Assam garden acquisitions; and

o  agreement to acquire additional land in South Africa

§ Provision releases following wage settlements in India and Kenya

§ Significant EPS growth reflects derivation of profits

§ Financial position remains very strong

§ Interim dividend up by 5%