MP Evans Group Plc - Half Year Report 2019

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 2019.

 

HIGHLIGHTS

  • 6% increase in crop in first half
  • 95,000 tonnes of CPO produced: up 3% on 2018
  • Increased oil-extraction rate to 23.6%
  • 20% fall in average price of CPO to US$528 per tonne
  • Cost per tonne of palm product up US$35 to US$385 per tonne
  • Operating profit US$1.0 million (2018 US$10.7 million)
  • Interim dividend maintained at 5.00 pence per share

Post-period end

  • US$70 per tonne increase in CPO price
  • Effective acquisition of 2,200 planted hectares from minority partner

 

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

"The results for the first half of 2019 reflected a period of low crude palm-oil prices, which outweighed an increase in the Group's crops and improvement in its extraction rate. Since the period end, the price of crude palm oil has risen, and the Group was able effectively to acquire a further 2,200 planted hectares by purchasing additional shareholdings in its own operating subsidiaries from one of its minority partners."