Coronavirus Update

M. P. Evans Group Plc - Half-year Report

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" or "the Group"), a producer of Indonesian palm oil, announces its unaudited interim results for the six months ended 30 June 2020.

HIGHLIGHTS

  • 16% increase in first-half crop
  • 31% increase of CPO produced, including fresh fruit bunches bought in
  • 23% increase in average price of CPO cif Rotterdam to US$648 per tonne
  • Cost of palm product maintained at US$385 per tonne
  • Operating profit US$6.0 million (2019 US$1.0 million)
  • Interim dividend maintained at 5.00 pence per share

Post-period end

  • Agreement to dispose of 70 hectares of land in Malaysia for US$24.1 million

Commenting on the results, the chairman of M.P. Evans, Peter Hadsley-Chaplin, said: -

"Excellent crop growth during the first half of 2020, combined with a marked increase in the price of CPO, produced a healthy increase in profit. Operating profit for the period was US$6.0 million compared with US%1.0 million in 2019. World demand for CPO is recovering from the immediate effects of the Covid-19 pandemic and, given both the crop and price prospects for the coming months, the Group is maintaining its interim dividend."