Blencowe Resources: Aspiring to become one of the largest graphite producers in the world. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksCamellia Regulatory News (CAM)

Share Price Information for Camellia (CAM)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 4,500.00
Bid: 4,460.00
Ask: 4,500.00
Change: 0.00 (0.00%)
Spread: 40.00 (0.897%)
Open: 4,500.00
High: 4,500.00
Low: 4,500.00
Prev. Close: 4,480.00
CAM Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Director Changes and Trading Update

6 May 2022 07:00

RNS Number : 5283K
Camellia PLC
06 May 2022
 

 

Friday 6 May 2022

Camellia Plc

Director Changes and Trading Update

Resignation of CEO

Camellia Plc announces that Tom Franks, having substantially achieved the objective of focusing the group's investments into the core activities of agriculture and food and beverage distribution, has indicated his wish not to stand for re-election at the forthcoming Annual General Meeting ("AGM") which is expected to be held in late June.

The Board is initiating a search process to identify a new Chief Executive Officer ("CEO") and will update the market in due course. Malcolm Perkins will take on the CEO duties in the interim, after the AGM.

Malcolm Perkins, Chairman, commented:

"I would like to thank Tom for his contribution to the business as CEO since 2015, including through a very challenging few years. We wish him well for the future."

Appointment of independent non-executive Director

Camellia is pleased to announce the appointment of Rachel English, a Fellow of the Institute of Chartered Accountants, as an independent non-executive director of the Company with effect from Friday 6 May 2022.

Rachel has extensive international and general management experience, having served on the board of several significant businesses including as set out below under additional disclosures. She has a particular focus on ESG matters.

Resignation of Independent non-executive Directors

Camellia also announces that William Gibson and Gautam Dalal have indicated that they will not be standing for re-election at the forthcoming Annual General Meeting. The Company thanks them both for their contribution to the Board and wishes them well in the future.

Further appointment of new non-executive Directors to the Board will be announced in due course. The Company remains committed to complying with the principles set out in the Quoted Companies Alliance Corporate Governance Code.

Trading Update

2021 Results

Full year results in respect of the year to 31 December 2021, which are in line with the guidance issued in December 2021, are expected to be announced in late May.

Outlook for 2022

Revenues and profits for the year to date are ahead of the same period of 2021 and for the full year are expected to be significantly ahead of that of 2021 and ahead of market expectations. This reflects improved trading conditions in all markets for tea, higher production of macadamia, significantly improved soya prices and our expectation that 2022 will be an "on year" for Hass avocado.

Tea

In India the last of the limited tea stocks left over from 2021 have now been sold and the first auction of the new season opened in March 2022 with strong pricing. In Bangladesh prices remained under pressure for prior season teas due to the high volumes of inventory carried forward. However, the market for new season teas has started firm and is expected to remain relatively stable as stocks are now depleted and the new season production has yet to gain momentum.

The indications in both India and Bangladesh are that markets will remain firm for the early part of the new season, and thereafter as is normal, pricing will be determined by regional production volumes.

In Kenya, our average selling prices in the period to the end of April 2022 were significantly higher than the same period of 2021 although this was partially offset by significantly lower production. Pricing levels looking forward will depend on country wide production volumes and the impact of the reserve pricing policy for KTDA teas (KTDA manages the production and wholesaling of smallholder-produced teas).

While selling prices in Malawi have firmed, they are below those of the same period of 2021. The market is expected to be volatile for a period due to uncertainty relating to logistics (as detailed below) and will also be influenced by the general direction of the Kenya market. Our production volumes in Malawi are also lower than that of last year.

Macadamia

Harvesting of the 2022 crop is underway and the indications are that volumes will be ahead of 2021 levels. However, we expect net selling prices to be lower than in 2021.

Avocado

The Pinkerton harvest is well advanced with volumes ahead of 2021, however we expect prices to be lower. The Hass season has now started with volumes expected to be significantly ahead of 2021 reflecting the fact that it is an "'on year' for Hass".

Apples and pears

Bardsley England, a significant apple grower in the UK, was acquired in August 2021. The last of the 2021 season stock is being sold at prices in line with our expectations. It is too early to predict the crop profile for 2022.

Logistics and input costs

Durban (South Africa) port is currently experiencing significant disruption which is creating logistical challenges for our tea exports from Malawi and may impact the timing of macadamia sales from both Malawi and South Africa.

Wage negotiations for 2022 are ongoing in all our key operating jurisdictions. In the UK, Bardsley England is experiencing wage inflation of 13%. In common with others in the agriculture sector, we are experiencing significant cost inflation on key inputs such as fertiliser, fuel and energy costs across all our operations.

 

Additional Disclosures

 

Further information, as required pursuant to Schedule 2(g) of the AIM Rules for Companies, is set out below:-

Rachel English (aged 60)

Current directorships

· Mishcon De Reya Group plc

· Helios Foundation For Sustainable Development

· Helios Social Enterprise

Past directorships within the last 5 years

· Interswitch Holdings Limited

· Acacia Mining plc (subsequently Barrick Tz Limited)

· Adam Smith International Ltd; The Amphion Group Limited; Adam Smith Advisory Group Limited; Adam Smith Services Limited

· The Private Infrastructure Development Group Limited

· Kuwait Energy plc

 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

 

Enquiries

Camellia Plc 01622 746655

Malcolm Perkins, Chairman

Susan Walker, Chief Financial Officer

Panmure Gordon 020 7886 2500

Nominated Adviser and Broker

Emma Earl

Erik Anderson

Maitland/AMO

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
 
 
MSCFZGGKVKNGZZM
Date   Source Headline
21st Oct 20204:04 pmRNSTrading update
12th Oct 20207:00 amRNSResponse to UK media reports on Kakuzi Plc
8th Oct 20205:15 pmRNSUpdate on African allegations
7th Oct 202011:00 amRNSDirector/PDMR Shareholding
25th Sep 20209:58 amRNSInterim Report 2020
25th Sep 20207:00 amRNSHalf-year Report
15th Sep 202010:53 amRNSNotice of Interim Results
17th Aug 20201:55 pmRNSAsset Disposal Amendment
17th Aug 202011:17 amRNSAsset Disposal
10th Jun 20201:03 pmRNSCorrection to Result of AGM
10th Jun 202012:24 pmRNSResult of AGM
10th Jun 202011:30 amRNSAGM Trading Statement
15th May 202011:00 amRNSAnnual Report and Notice of Annual General Meeting
7th May 20203:18 pmRNSFinal Results
27th Apr 20207:00 amRNSTrading update
1st Apr 202012:00 pmRNSTrading update
26th Mar 20204:37 pmRNSPrice Monitoring Extension
6th Mar 20207:00 amRNSDirectorate Changes
21st Jan 20207:00 amRNSTrading Update
15th Aug 201910:51 amRNSInterim Report 2019
15th Aug 20197:00 amRNSHalf-year Report
7th Jun 201911:00 amRNSResult of AGM
6th Jun 201911:30 amRNSAGM Trading Statement
15th Apr 201912:13 pmRNSAnnual Report and Notice of AGM
11th Apr 20197:00 amRNSFinal Results
21st Mar 20194:40 pmRNSSecond Price Monitoring Extn
21st Mar 20194:35 pmRNSPrice Monitoring Extension
4th Dec 20187:00 amRNSTrading update
23rd Oct 20187:00 amRNSTrading Update
29th Aug 201811:40 amRNSInterim Report 2018
24th Aug 20187:00 amRNSHalf-year Report
8th Jun 201812:20 pmRNSResult of AGM
7th Jun 201811:30 amRNSAGM Trading Statement
25th Apr 20184:00 pmRNSAnnual Report and Notice of AGM
20th Apr 20181:57 pmRNSHolding(s) in Company
19th Apr 20187:00 amRNSFinal Results
21st Mar 20187:00 amRNSNotice of Results
22nd Dec 20179:42 amRNSDirectorate Change
6th Dec 201712:28 pmRNSTrading Statement
14th Nov 20173:00 pmRNSHolding(s) in Company
29th Aug 20173:20 pmRNSInterim report 2017
25th Aug 20177:00 amRNSHalf-year Report
2nd Jun 20171:13 pmRNSResult of AGM
1st Jun 201711:30 amRNSAGM Statement
11th May 20177:00 amRNSUpdate on Duncan Lawrie
2nd May 20172:05 pmRNSAnnual Financial Report
27th Apr 20177:00 amRNSFinal Results
21st Apr 20175:03 pmRNSUpdate on Duncan Lawrie
19th Dec 20167:00 amRNSUpdate on Duncan Lawrie
22nd Nov 20165:24 pmRNSHolding(s) in Company

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.