Last checked at 28 Mar 2013 07:00
Camellia Plc
Interim Management Statement
28 March 2013
Interim Management Statement
This statement is made in accordance with Rule 4.3 of the UK Listing Authority's Disclosure and Transparency Rules and covers the period from 1 January 2013 to 28 March 2013.
The seasonal cold weather in India and Bangladesh has resulted in limited growth. Tea prices at auction are in line with expectations for the time of the year.
In Kenya, tea prices have decreased slightly but crop production has been ahead of budget. In Malawi, following the drought in the latter part of 2012 yields have been below those of the previous year but the high levels of rainfall are expected to result in increased production later in the season.
Estimates for the avocado harvest in Kenya are below initial expectations. However, late flowering may result in better yields later in the season.
The Macadamia harvest in Malawi is close to budget.
The early soya harvest in Brazil is progressing well with crop yields slightly ahead of budget.
Citrus production is expected to be line with budget at Horizon Farm in California.
The Group's UK engineering businesses continue to experience patchy recovery with a good performance at AJT Engineering in Scotland reflecting the continued strong performance from the oil and gas sector. Abbey Metal Finishing has seen an increase in enquiries as the new factory progressed through the rigorous audit programmes required by aerospace customers. However, the overall current economic environment remains very challenging.
The businesses in the Netherlands, Wylax International BV and Affish BV, are still impacted by the difficult local economy and the resulting squeeze in consumer spending. In addition, there is a shortage of black tiger prawns from Bangladesh.
The overall utilisation level of warehousing by Associated Cold Stores and Transport has improved.
Duncan Lawrie continues to increase its investment in marketing to drive further growth which has seen a rise in current account business. The capital of Duncan Lawrie has been increased by a further £2,000,000 to support the rise in lending activity.
Camellia Plc will announce its results for the year ended 31 December 2012 on 25 April 2013.
For further enquiries please contact Camellia Plc
Malcolm Perkins, Chairman
01622 746655
28 March 2013