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Camellia profit slumps on £8.2m impairment charges, pandemic impact
StockMarketWire.com
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Agriculture, engineering and food service company Camellia reported a sharp decline in profit following £8.2 million of impairment charges owing to the pandemic impact and legal expenses relating to the settlement of claims from its East African operations.
For the year ended 31 December 2020, pre-tax profit fell to £7.8 million from £22.3 million year-on-year as revenue was largely flat at £291.2 million.
The proposed an unchanged final dividend of 144p per share.
Looking ahead, the company said that normal trading conditions in some its businesses would not emerge until 2022 amid an ongoing impact from the pandemic.
'While the UK is returning to normality to the benefit of some of our UK based businesses, we have concerns about further waves of the pandemic across India, Bangladesh and East Africa,' the company said.
'We do not believe that normal trading conditions will emerge until 2022, and some businesses will continue to feel the effect of the pandemic for some time thereafter,' it added.
At 9:13am: (LON:CAM) Camellia PLC share price was 0p at 6600p
Story provided by StockMarketWire.com
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