Last checked at 27 Oct 2010 15:16
Camellia Plc
Interim Management Statement
27 October 2010
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 2010 to 27 October 2010.
The interim report issued on 26 August 2010 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.
Tea production remains ahead of budget in Kenya and Malawi. Production in India and Bangladesh is similar to the previous year. Tea prices have generally remained at satisfactory levels. Production of other horticultural crops and their sale prices are in accordance with our expectations.
Some of the group's UK operations have seen some increases in activity. Abbey Metal has recently acquired new premises in Hinckley following the fire at its Nuneaton plant in April. It is hoped that Abbey Metal will return to full capacity by the end of next year.
Associated Cold Stores & Transport are still suffering from over capacity in their industry which could remain a problem over the longer term.
In September the Company announced that an agreement had been entered into for the sale of the group's entire shareholdings in its Bangladeshi associated undertaking, United Insurance Company Ltd and United Leasing Company Ltd. Subsequently, earlier this month it was announced that a court order had been issued that required certain Bangladeshi regulatory authorities not to consent to the sale of the shareholdings, so that allegations of breaches of Bangladeshi Securities regulations are investigated. The group's subsidiaries that are selling these shares have received legal advice that there have been no such breaches. It is not yet certain how long this process will take but it is likely to continue beyond the original completion date of 30 November 2010. A further announcement will be made in due course.
Further enquiries please contact Camellia Plc
Malcolm Perkins
01622 746655