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Camellia PLC - Maidstone, Kent-headquartered agriculture and engineering services firm - Announces resignation of Chief Executive Tom Franks at its annual general meeting in late June. Franks has been CEO since 2015. Chair Malcolm Perkins will be interim CEO until a replacement has been found, firm explains.
Meanwhile, the company will publish 2021 results later this month. For 2022, Camellia expects its full-year profit and revenue to be ‘significantly ahead of that of 2021 and ahead of market expectations,’ it says, citing improved trading conditions for tea, improved soya prices and higher production of macadamia. Expects 2022 to be an ‘on year’ for Hass avocado. ‘The Hass season has now started with volumes expected to be significantly ahead of 2021,’ it says.
Camellia explains the port in Durban, South Africa, is experiencing significant disruption, creating logistical challenges for its tea exports from Malawi which ‘may impact the timing of macadamia sales from both Malawi and South Africa’. Meanwhile in the UK, firm is experiencing wage inflation of 13% at its fruit producer unit Bardsley England. It is also seeing ‘significant cost inflation on key inputs such as fertiliser, fuel and energy costs across all our operations,’ it adds.
Current stock price: 6,000.00 pence, up 1.7% on Friday
12-month change: down 16%
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