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M. P. Evans Group Plc - Final Results 2020

This content has been sourced from: https://www.investegate.co.uk/m.-p.-evans-group/rn...

M.P.EVANS GROUP PLC

M.P.Evans Group PLC ("MP Evans", "the Group" or "the Company"), a producer of sustainable Indonesian palm oil, announces its results for the year ended 31 December 2020.

The Group's 2020 annual report is available on its website at www.mpevans.co.uk .

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION (EU) NO.596 /2014.

The person responsible for making this announcement is Tristan Price, chief executive of the Group.

HIGHLIGHTS

Financial

− Profit for the year US$22.2 million (2019 US$7.5 million) 

− Operating profit US$31.3?million (2019 US$16.1 million) 

− Sustainability premia increased to US$2.6 million (2019 US$1.9 million)

− Continuing EPS 37.4 US cents (2019 - 11.6 US cents) 

− 24% increase in total dividend for the year with proposed final dividend of 17p per share

− Intention to propose 30p per share total dividend in respect of 2021

Indonesian palm oil

− Total crop processed up 21% to 1.2 million tonnes

− 100% of Group and scheme-smallholder crop grown to sustainability standards

− Group crops up to 724,000 tonnes, a 9% increase

− Crops at youngest operation, Musi Rawas, nearly trebled

− Crude-palm-oil production up 17% to 272,000 tonnes

− New Group 40-tonne mill began production in September 2020

− Launched pilot traceability initiative, working with independent smallholders to achieve 100% traceability of all third-party ffb processed by the Group

Malaysian property

− Conditional sale agreement of Bertam Estate for US$24.9 million announced

Group value

− Group equity value of £10.99 per share at 31 December 2020 

Commenting on the results, Peter Hadsley-Chaplin, executive chairman of MP Evans , said: "I am pleased to report that 2020 was another record year for production and revenue resulting in a sharp rise in profit, which nearly trebled to US$22.2 million, and an increase in sustainability premia. Given this performance the board is recommending a final dividend of 17p per share, an increase of 4.25p, bringing total dividends for the year to 22p per share. In view of the strong increase in crop and production projected for the immediate future and the prospects for the palm-oil market, the board intends to recommend a dividend of 30p per share in respect of the 2021 financial year."