Revised Interim Management Statement

RNS Number : 6769P

Camellia PLC

26 October 2012

 



Amendment

Camellia Plc

Interim Management Statement

26 October 2012

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 2012 to 26 October 2012.

The interim report issued on 30 August 2012 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 has seen a slight improvement in the Dooars region of India with more favourable weather conditions during August. However, tea production in Assam and the Dooars regions is lower than last year. Overall, prices are slightly ahead of the same period last year. Tea production in Bangladesh has resulted in yields higher than last year. Prices are higher at local auction as demand for better quality tea increases.

Lower rainfall during the early part of the growing season has impacted tea production in Kenya and Malawi. Prices are higher than last year, although they have softened in recent weeks. Avocado volumes are in line with the previous year.

The sale of 50.5% of the Siret Tea Company by Kakuzi to the Sirret Outgrowers Empowerment Company (SOEC) has been completed.  SOEC now owns 100% of the Siret Tea Company.

The UK operations continue to show mixed fortunes in the difficult economic climate in the UK and Europe. Activity at GU Cutting and Grinding in Stockport has increased with the award of a major contract for water jet cutting and grinding. The new facility at Hinkley for Abbey Metal Finishing is now fully operational but the uptake of orders has been slower than hoped for as aerospace customers complete qualification audits of the new facility. Cold storage utilisation at ACS&T has increased as the industry consolidates.

The increase in marketing activity by Duncan Lawrie has led to a widening of the client base.

Further enquiries please contact Camellia Plc

Malcolm Perkins

01622 746655

 

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