M. P. Evans Group PLC H1 trading update (9411T)
July 24 2020 - 1:00AM
UK Regulatory
TIDMMPE
RNS Number : 9411T
M. P. Evans Group PLC
24 July 2020
M.P.EVANS GROUP PLC
("MPE" OR "GROUP")
2020 first-half trading update
The Group is pleased to announce the following crop and
production information for the six months ended 30 June 2020:
2020 Increase 2019
Tonnes % Tonnes
Crop of fresh fruit bunches
Own crop 334,100 16 287,200
Scheme smallholder crop 84,600 16 72,900
Independent smallholder crop 130,900 157 50,900
-------- --------- --------
549,600 34 411,000
======== ========= ========
Production*
Crude palm oil 124,800 31 95,000
Palm kernels 27,800 28 21,800
* Figures include production from the Group's crop sold to
third-party mills.
Crop and production figures continued to rise during the first
half of 2020. This results from increasing yields in the Group's
areas as its palms mature. Palms' yields improve through their
early years, and the Group has a low average palm age of only a
little over seven years. In addition, the Group is harvesting a
larger area as plantings on its newer estates come into harvesting
for the first time. All estates and mills have continued to work
normally during the Covid-19 pandemic.
In the period to the end of June 2020, the Group realised an
average price at mill gate of US$541 per tonne compared with US$462
per tonne in the first half of 2019, an increase of 17%. Prices for
palm kernels averaged US$298 per tonne (mill gate), higher than the
US$263 per tonne in 2019. After a strong start to the year, the
price of crude palm oil fell as the global Covid-19 pandemic took
hold to reach a low point of US$510 per tonne cif Rotterdam in the
middle of May. Since then the price has recovered on an upward
trend to reach more than US$650 by the middle of July. Futures
markets point towards prices at above this level for the remainder
of the year and into 2021, but may experience some variability
whilst the Covid-19 crisis persists.
Following the end of the first half, as announced on 20 July
2020, the Group signed an agreement to dispose of 70 hectares of
land in Malaysia for US$23.5 million, in line with the valuation
published in its 2019 annual report. The proceeds will support
investment in its Indonesian oil-palm projects.
In light of the reported crop growth and strengthening CPO
price, the board anticipates that the Group will be in a position
to maintain its dividend.
Enquiries:
M.P. Evans Group PLC Telephone: +44 (0) 1892 516333
Peter Hadsley-Chaplin, Chairman
Tristan Price, Chief Executive
Matthew Coulson, Finance Director
Peel Hunt LLP (Nomad and joint Telephone: +44 (0) 20 7418 8900
broker)
Dan Webster
George Sellar
Andrew Clark
finnCap (Joint broker) Telephone: +44 (0) 20 7220 0500
Tim Redfern
Chris Raggett
Hudson Sandler (Financial PR) Telephone: +44 (0) 20 7796 4133
Charlie Jack
Elfie Kent
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.
END
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