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2 Oct 2008 14:30
Camellia Plc
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 July 2008 to 2 October 2008.
The interim report issued on 28 August 2008 has been posted to shareholders and includes a statement from the Chairman. That report, which can be viewed on the company's website (www.camellia.plc.uk), refers to a number of issues that would otherwise be reported in this interim management statement. In particular, shareholders are reminded that the Camellia group is presently operating in a difficult global trading environment. The substantially increased costs of energy and fertilizers are a major cause of concern. Tea prices however remain firm. In recent weeks, maize, soya and wheat prices have been volatile and this could affect the results of our operation in Brazil in 2009. However, the group's diversity and conservative policies, particularly in respect of borrowings, means that it should be well placed to withstand any forthcoming recession and continue to develop its operations in a modest and structured manner.
The continuing falls in global stock market values will lead to reductions in Duncan Lawrie's investment management income although shareholders are reminded that Duncan Lawrie has no exposure to sub-prime mortgages and their derivatives.
The group has three defined benefit pension schemes in the UK, two of which are closed to new members and the third is closed to future accrual. A sustained fall in stock market values will increase the deficits of each of these schemes.
Our associated company in Bermuda, BF&M Limited, announced record results for the first half of 2008 on 2 September 2008 with profits up by approximately 9% over the corresponding period of the previous year.
For further enquiries please contact Camellia Plc
Malcolm Perkins, Chairman
01622 746655
2 October 2008
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