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Pin to quick picksR.e.a.hldgs. Regulatory News (RE.)

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R.E.A. Holdings plc: Trading update

2 Aug 2023 07:00

R.E.A. Holdings plc (RE.) R.E.A. Holdings plc: Trading update 02-Aug-2023 / 07:00 GMT/BST


R.E.A. Holdings plc (“REA” or the “company”) - Trading update

 

In advance of publication in September of the company’s half yearly report to 30 June 2023, REA announces the following trading update for the 6 months to 30 June 2023 (with comparative figures for 2022):

 

 

2023

2022

Fresh Fruit Bunch (“FFB”) crops (tonnes):

 

 

Group harvested

346,216

321,993

Third party harvested

98,413

126,893

Total

444,629

448,886

 

 

 

Production (tonnes):

 

 

Total FFB processed

411,255

428,608

FFB sold

32,345

14,445

CPO

90,167

96,299

Palm kernels

20,300

20,578

CPKO

8,331

7,970

 

 

 

Extraction rates (percentage):

 

 

CPO

21.9

22.5

Palm kernel

4.9

4.8

CPKO*

39.6

39.5

 

 

 

Rainfall (mm):

 

 

Average across the estates

1,924

2,012

 

*Based on kernels processed

 

Opening the year at $1,090 per tonne, CIF Rotterdam, CPO prices weakened progressively through the first 6 months of the year to a low of $855 per tonne in early June 2023. With growth in global production of CPO expected to remain generally slower than in the past, dry crops in North America affecting soybean and canola crops and the Russian / Ukrainian situation likely to constrain sunflower seed exports, the immediate outlook for CPO prices appears positive. Since the low point in June, the CPO price has rallied and currently stands at $960 per tonne.

 

The average selling price for the group’s CPO for the six months to the end of June 2023, including premia for certified oil, net of export duty and levy, adjusted to FOB Samarinda, was $746 per tonne (2022: $971 per tonne). The average selling price for the group’s CPKO, on the same basis, was $875 per tonne (2022: $1,712 per tonne).

 

The combination of static production volumes in the first half of 2023 and lower selling prices compared with 2022 will mean that revenues for the six months to 30 June 2023 will be significantly lower than in the comparable period of 2022.

 

The outlook for the second half of 2023 is more positive. The average net selling price for the group’s CPO for the second half of 2022 was $703 per tonne as compared with a current net local market price of $740 per tonne. Accordingly, if the current price is maintained, revenue for the second half of 2023 may reasonably be expected to exceed that of the second half of 2022. It is likely that, as is normal, FFB crops will be weighted to the second half.

 

The recent weakness of coal prices and the necessary costs incurred to commence production of stone and sand has delayed the expected recovery of loans made by the company to the group’s stone and coal interests. The logistical problems related to the opening of the stone quarry have, however, been resolved and progress is again being made towards initiating stone production and sales.

 

The fall in coal prices, if sustained, may make more difficult the planned refinancing of loans to the stone and coal interests which, when combined with the expected delay to normal recoveries of those loans, will reduce the cash available to the group. Accordingly, the directors will keep under review their intention to pay in December 2023 the remaining arrears of preference dividend (currently amounting to 7p per share) when the semi-annual dividend arising on 31 December 2023 is paid.

 

In line with the timetable adopted in previous years, the company’s half yearly report for 2023 will be published in late September 2023.

 

Enquiries:

R.E.A Holdings plc

Tel: 020 7436 7877


Dissemination of a Regulatory Announcement that contains inside information in accordance with the Market Abuse Regulation (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.
ISIN:GB0002349065
Category Code:TST
TIDM:RE.
LEI Code:213800YXL94R94RYG150
Sequence No.:261677
EQS News ID:1693553
 
End of AnnouncementEQS News Service

UK Regulatory announcement transmitted by EQS Group AG. The issuer is solely responsible for the content of this announcement.

Date   Source Headline
24th Oct 201312:20 pmRNSResult of EGM & progress of capitalisation issue
27th Sep 20133:24 pmRNSCirc re. capitalisation issue
27th Aug 20134:59 pmRNSHalf Yearly Report
11th Jun 20134:30 pmRNSResult of EGM
11th Jun 20134:21 pmRNSResult of AGM
11th Jun 201310:15 amRNSAGM Statement
29th May 20139:26 amRNSDirector/PDMR Shareholding
13th May 201310:55 amRNSDoc re. share buy back and long term incentive
10th May 201310:08 amRNSHolding(s) in Company
10th May 20138:49 amRNSFurther re placing of ordinary shares
7th May 201311:42 amRNSPlacing of Ordinary Shares
3rd May 20134:24 pmRNSInterim Management Statement
25th Apr 20136:33 pmRNSFinal Results
11th Feb 20132:15 pmRNSTrading Statement
4th Jan 201312:02 pmRNSDirector/PDMR Shareholding
14th Dec 20122:00 pmRNSDividend Declaration
19th Nov 201210:20 amRNSFurther re dollar notes 2017
16th Nov 20121:48 pmRNSFurther re dollar notes 2017
15th Nov 20129:29 amRNSDirectorate Change
13th Nov 20123:17 pmRNSFurther re Placing of dollar notes
31st Oct 20122:05 pmRNSDirector/PDMR Shareholding
25th Oct 20124:55 pmRNSInterim Management Statement - Replacement
25th Oct 20124:48 pmRNSExchange offer and placing of dollar notes
25th Oct 20129:48 amRNSInterim Management Statement
17th Oct 20122:19 pmRNSDirector/PDMR Shareholding
11th Oct 201210:22 amRNSDirector/PDMR Shareholding
2nd Oct 201212:07 pmRNSDirector/PDMR Shareholding
27th Sep 201211:14 amRNSResult of EGM+progress of capitalisation issue
19th Sep 201210:20 amRNSDirector/PDMR Shareholding
17th Sep 201212:27 pmRNSIssue of Placing Shares
14th Sep 20128:57 amRNSResult of placing of preference shares
5th Sep 201211:18 amRNSProposed placing of preference shares
24th Aug 20121:43 pmRNSCapitalisation issue
24th Aug 20121:17 pmRNSHalf Yearly Report
5th Jul 20129:31 amRNSFurther re 7.5 per cent dollar notes 2012/2014
19th Jun 20124:14 pmRNSDirector/PDMR Shareholding
19th Jun 20123:31 pmRNSDirector/PDMR Shareholding
13th Jun 201211:25 amRNSDoc re. Special Resolution
12th Jun 20123:27 pmRNSResult of AGM
12th Jun 201212:11 pmRNSAGM Statement
6th Jun 201211:00 amRNS7.5 per cent dollar notes 2012/2014 - Replacement
6th Jun 20129:21 amRNS7.5 percent dollar notes 2012/2014
29th May 20129:02 amRNSDirector/PDMR Shareholding
14th May 20123:50 pmRNSAnnual Information Update
9th May 20122:57 pmRNSInterim Management Statement
27th Apr 20121:24 pmRNSFinal Results
14th Mar 20122:19 pmRNSResult of Meeting re Sterling Notes
6th Mar 20121:44 pmRNSHolding(s) in Company
5th Mar 20121:37 pmRNSHolding(s) in Company
5th Mar 20121:35 pmRNSHolding(s) in Company

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