Camellia PLC AGM Statement (0541A)
June 02 2016 - 6:15AM
UK Regulatory
TIDMCAM
RNS Number : 0541A
Camellia PLC
02 June 2016
Camellia Plc
AGM Statement
Camellia Plc (CAM.L) has today issued the following update on
trading in the year to date.
Weather conditions in the first part of 2016 have been
beneficial in Kenya, Bangladesh and most of India. This has
resulted in a substantial increase in tea production and
consequently tea sale prices have been significantly reduced since
the beginning of April, particularly in Kenya where at times we
have been selling at close to cost of production.
Production of our macadamia nuts will be down this year on
account of the drought at the time of flower set in 2015, but sales
prices are holding up reasonably well, as are those for Avocados
exported from Kenya.
There has been some rain in the winter months in California but
not sufficient to replenish the ground water reserves. 2016 will be
an 'on' year for pistachio production and a good crop is
expected.
Our Scottish engineering companies continue to suffer from lack
of demand from the North Sea oil industry but our Aerospace
Engineering companies remain busy.
Our Food Services division continues to produce marginal profits
in a very difficult environment.
Our private bank, Duncan Lawrie Limited, is proceeding with its
new strategy of expanding the customer base. We have been
successful in securing new lending and deposit accounts and the
board of Duncan Lawrie has been strengthened.
It is too early to give any indication of the likely results for
2016.
2 June 2016
Enquiries
Camellia Plc
Malcolm Perkins, Chairman 01622 746655
Tom Franks, CEO
Susan Walker, CFO
Julia Morton, Company Secretary
Panmure Gordon 020 7886 2500
Nominated Adviser and Broker
Andrew Godber
Erik Anderson
James Greenwood
This information is provided by RNS
The company news service from the London Stock Exchange
END
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June 02, 2016 07:15 ET (11:15 GMT)
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