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M.P. Evans Group - Final Results

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 2019.

HIGHLIGHTS

Financial

− Profit for the year US$7.5 million (2018 US$7.2 million) 

− Operating profit US$16.1?million (2018 US$19.5 million) 

− Continuing EPS 11.6 US cents (2018 - 9.9 US cents) 

− Proposed to maintain final dividend at 12.75p per share

Indonesian palm oil

− Total crop processed more than 1 million tonnes 

− Group crops increased 16% to 663,000 tonnes 

− Average extraction rate in Group mills increased to 23.7% 

− Crude-palm-oil production up to 232,000 tonnes 

− Increase of 3,200 mature Group and scheme smallholder hectares in year 

− 65% of Group production certified sustainable; target 100% once Group processes all own crop 

Group value

− Group equity value of £11.01 per share at 31 December 2019 

Commenting on the results, Peter Hadsley-Chaplin, executive chairman of MP Evans , said:

"More than one million tonnes of crop processed, and an improved oil-extraction rate of 23.7%, did not translate into record profits in 2019 only on account of this year coinciding with a period of low crude palm-oil prices. Notwithstanding a background of rising demand, tight vegetable-oil supply and low stocks, the near-term picture is now clouded by the current Covid-19 pandemic. The board remains confident in the long-term demand for palm oil, and as a basic foodstuff, palm oil is well placed to be an early beneficiary of the economic rebound that is likely to occur as the pandemic recedes."