Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
JK, I'm hoping that the planned earlier reporting of the half year production, compared with last year, means that they are keen to get some good figures out. I've topped up with another 50,000 this morning. I hope I'm right. Glad that they have let us know that they have ceased their interest in Norpalm.
Looks to me to be back on track again, and with a more focused business.
It's been a while since I saw any profit here. Shame about the rest of my holding. Still, my buy yesterday reduced my average form 11.6p to 9.5p. Can't help but feel that a couple of good quarters could return us to 10p+. We were rarely below 10p in the good old days.
Phil, the 175k buy this morning was me, adding in the hope of a bounce from the high season of production figures. It has allowed me to average down quite a bit too.
JK, many thanks for your posting. Been out all day and just got back, so great to have a summary of the conference call.
For me the most disappointing thing is that the SP fell 15% in the 2 days before the results. I am not making any accusations, but this is not the first time that we have seen this happen.
We will probably see a fall today, though the figures are not unexpected. We all knew that sales would be well down and they flagged the margin hit. I'm just pleased to see they have suspended the dividend. It would have been folly to continue to pay it in the circumstances. Hopefully they won't be in a rush to re-instate it, as it would be better to focus cash on growth of the business imo.
FK1, I hope your reference to a poorly performing football team doesn't refer to Huddersfield or Palace :))
Production figures explain why the share price has struggled recently. The euro CPO price achieved pretty much reflects the US dollar prices quoted, but no premium achieved to that. Good to see PKO prices holding up though. Best to judge the company over a longer period than one quarter, so will wait to see what happens in q2, particularly against very low comparative figures for last year.
Looks lime a very good non-exec director appointment. Very positive.
Cote d'Ivoire has, in recent years, become the world's largest producers of cashews, I believe. Tax breaks have been introduced recently to encourage an increase in in-country processing of the crop. Possibly a good opportunity here, as well as cocoa.
Interesting interview with Lincoln. I was particularly interested in talk of projects outside palm oil. Dekeloil has a good operating structure with collection points working well. I wonder if these could be similarly used for other crops at little additional cost. There were no words of caution about current production, so hopefully that is going well. As for Norpalm, it is still on the table but not too bothered one way or the other. Not a bad position to be in. Norpalm shareholders must be in a difficult position, I guess, needing to invest in their project or sell it. All sounds good to me. Looking forward to news of investments or Q1 production, whichever comes first.
Just noticed that CPO prices have crept back up to a shade under $700 again, just in time for selling high season production.
I'm pleased to see the short-term debt being repaid. I had wondered how they had paid for the capex last year, as they had some quite large capex items (boiler, Guitry nursery etc) and profits were probably only enough to cover capital repayments on the existing loans and maybe the dividend. I'm not too bothered about the extra borrowing, as it's a relatively small amount and could be useful to move quickly if there are some opportunities about.
Palmie - thanks for the information. I'm kind of surprised that Dekeloil hasn't walked away from the transaction. They must still feel that a deal can be done. Sounds like NOPA management got themselves in a pickle over their authority to transact the sale, whereas Dekeloil acted in good faith, assuming the NOPA directors knew their own authority limits. I'm with you Phil, looking forward more to Q1 production figures.
Maybe it is a "storm in a teacup", but for those affected it is being very badly handled. Of course, it may only be a few affected, but I am one if them. First I was told by the Aviva rep (via my IFA) to call their helpjine. They couldn't help, so still unable to login. They were borderline rude as well, suggesting it was my fault. Aviva rep confirmed it was not my fault and that they had some problems, which were being resolved last weekend. Come Monday, still couldn't log in and awaiting reply from Aviva rep, via IFA. As I say, I may be in the unlucky minority, but who knows. Nothing really in the business press, so hopefully not a widespread problem.
My pension pot and that of my wife, have been transferred by Aviva to their new IT platform. Cannot login to it now, despite having re-registered last week on Aviva's suggestion. We could log on immediately after re-registering, but can no longer do so. Payments into our pension have not been collected by direct debit, as they should have been. Hopefully our experience is not typical, but we have sold all our shares, in case the problems are widespread.
Phil, last year, the dividend was declared at end June, and approved at AGM early August. I would imagine that they would follow a similar timescale again this year, as the ability to pay a dividend would largely be determined and quantified after the high season/first half year. Reporting of trades seems to be a bit of a problem. LSE seems to be missing last Friday's trades and HL seems to be missing some from last Friday and today. Not sure what's going on to cause these problems.
Nice to have it confirmed that the plant upgrades are in place and ready to go for the high season. Just re-read the full year production RNS again. I know that many on here don't like to see new shares issued to pay advisors, but I hadn't spotted that 400,000 shares were issued to Vince McAleer as part of his base salary. Good to see senior management taking shares.
FK1, I've come on holiday without my calculator and am too old now to attempt the maths in my head. Ill try to remember when I get home again. Great to see the SP moving back up again, though.