CAM.L

Camellia Plc
Camellia PLC - Trading Statement
17th October 2024, 06:00
TwitterFacebookLinkedIn
To continue viewing RNS, please confirm that you are a Private Investor*

* A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:

  1. Obtains access to the information in a personal capacity;
  2. Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
  3. Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
  4. Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
  5. Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
  6. Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
RNS Number : 4881I
Camellia PLC
17 October 2024
 

Camellia Plc 

17th October 2024 

Trading Update 

Camellia Plc ("Camellia" or the Company") announces an improvement to its forecast for the year to 31 December 2024 with trading now expected to be ahead of market expectations. Adjusted losses for 2024 are now forecast in the range of £7-9 million from a previous range of £10-12 million.   This improvement is primarily the result of an improved outlook for our Indian operations.

Tea  

India: Projected yields in North India are impacted by hot dry spells and heavy rainfall, resulting in lower production predicted, but similar to 2023.  Pricing has improved significantly.  

Bangladesh: The recent political volatility experienced in the country had little impact on tea operations. Production has been similar to last year and within our expectations. Pricing for 2024 production is anticipated to be in line with 2023, but results have been hampered by lower prices for our 2023 carry over inventory.  Cost of production is expected to be lower than in 2023.  We expect that inventory levels will be high going into 2025. 

Kenya: Favourable weather has helped production to be higher than last year.  A large volume of older tea is still in circulation in the market; the reserve price mechanism has been removed creating greater opportunity for the sale of these teas.  Pricing, however, remains under pressure due to impact of the high levels of inventory in the market, and we expect this will persist for the remainder of the year.    

Malawi: Production volumes are within our expectations and higher than 2023.  But the market situation in Kenya has also hit demand for Malawian tea, leading to further softening of prices.  

Avocados 

Kenya:  Avocado pricing has been higher than last year's levels. Production, however, was hit by wet weather during the second quarter. The need to route cargoes away from the Red Sea has led to extended voyage times and has impacted fruit quality. 

Other crops 

Other crops are performing in line with the guidance previously given. 

ENQUIRIES  

Camellia Plc                                                    01622 746655  

Byron Coombs Chief Executive Officer  

Oliver Capon, Chief Financial Officer  

Panmure Liberum                                           020 7886 2500  

Nominated Adviser and Broker  

Emma Earl  

Rupert Dearden  

H/Advisors Maitland  

PR  

William Clutterbuck                                            07785 292617  

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
TSTEAKEKFEELFFA]]>
TwitterFacebookLinkedIn