LONDON (Alliance News) - Agri and horticulture firm Camellia PLC had a "very good" 2018, it said on Thursday, with revenue and profit both up.
For 2018, Camellia increased its underlying pretax profit by 38% to GBP38.1 million, with revenue rising 3.9% to GBP309.8 million.
On a reported basis, pretax profit nearly doubled, surging 90% to GBP52.5 million, helped by a fall in the cost of sales and revenue rise.
Camellia is paying a final dividend of 102 pence per share, taking the total for 2018 to 142p, from 135p paid a year prior.
"2018 was a very good year for the group. We made significant financial and strategic progress as our agricultural crops benefited from generally good weather conditions and selling prices," said Chair Malcolm Perkins.
"We also continued to develop our business portfolio, with substantial investment continuing in agriculture whilst disposing of a number of peripheral businesses."
Tea saw "exceptional" output, Camellia said, and the company added it is now the world's largest private tea grower.
Tea production was boosted by favourable weather, it continued, while macademia volumes surged 45% following consecutive years of drought before 2018.
"Looking at 2019, it is too early to predict outcomes as most of our trading takes place in the second half of the year. However, early tea auction prices have been weak, with those in Kenya below the cost of production and there is a risk other tea markets could be impacted as their seasons begin," said Perkins.
"We continue to monitor and prepare for Brexit and whilst we expect there to be some impact on our UK businesses, we are confident the majority of our operations will be largely unaffected."
Shares were 2.4% lower on Thursday morning at 10,400p each.
Camellia (CAM)