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Camellia sees underlying profit 'significantly' above market expectations; settles African operations legal dispute
StockMarketWire.com
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Agriculture, engineering and food services business Camellia confirmed that underlying profit for 2020 was expected to be 'significantly' above market expectations owing to a combination of better than expected trading results in agriculture coupled with lower costs across its operations.
Underlying profit -- profit before tax before impairment charges, legal and other costs relating to group claims and excluding the gain on disposal of the Horizon farm property -- was expected at around £15.0 million.
The UK based operations continued to be impacted by the lockdown, but agricultural operations had been able to produce largely as normal throughout the pandemic, the company said.
'Demand for tea has varied regionally, with India prices remaining relatively strong but Kenya continues to produce record crop volumes which is affecting prices for both Kenya and Malawi,' it added.
Macadamia volumes had exceeded expectations and its citrus and soya crops made a stronger contribution than the company had anticipated, it added.
The company said claims against against two businesses in its African operations, namely Kakuzi in Kenya and EPM in Malawi, had now been resolved at settlements costing up to £4.6 million in relation to the Kenyan claims, and £2.3 million in relation to the Malawian claims.
At 9:50am: (LON:CAM) Camellia PLC share price was 0p at 6600p
Story provided by StockMarketWire.com
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