Business
Preliminary announcement
Preliminary announcement.
About this update from Camellia Plc
[{"type":"text","content":"\n Camellia PLC\n24 April 2008\n\n\nCamellia Plc\n\nPreliminary results for year ended 31 December 2007\n\nHighlights from the results:-\n Year ended Year ended\n 31 December 31 December\n 2007 2006\n\n £'000 £'000\n\nRevenue 161,936 160,552\n\nProfit before tax 30,651 19,982\n\nProfit for the year 27,446 15,174\n\nEarnings per share 910.8 p 464.2 p\n\nDividends 92 p 90 p\n\n\n\nChairman's statement\n\nThe profit before tax for 2007 amounted to £30.65 million and compares with the\nprevious year of £19.98 million. The profit for 2007 includes a number of\nexceptional items, the larger being the profit of £4.80 million on the disposal\nof our shareholding in Getaz Romang SA and the sale of a surplus London property\nresulting in a profit of £1.68 million. The profit consolidated in respect of\nour interest in Siegfried Holding AG also includes exceptional items amounting\nto £3.68 million.\n\nThe underlying trading profit of the group is less than that of the previous\nyear, reflecting the weakness of the US dollar and the costs of integrating new\nbusinesses within Duncan Lawrie.\n\nDividend\nThe board is recommending a final dividend of 72p per share, which, together\nwith the interim dividend already paid of 20p per share, brings the total\ndistribution for the year to 92p per share compared with 90p per share in\nrespect of 2006.\n\nAgriculture and horticulture\n\nTea\nIndia\nTea production in India amounted to 33.3m kilos, an increase of nearly 9% over\nthe previous year. Weather conditions were reasonably favourable and prices were\ncomparable to the previous year. The market for orthodox tea remained firm. The\nprogramme of upgrading factories continues and results have so far been\nencouraging and fully justify the capital investment. Political disruption in\nAssam and parts of West Bengal make life difficult for management.\n\nBangladesh\nTea production in Bangladesh was the same as for 2006, which is disappointing,\nas we experienced a major drought at the beginning of that year. Tea prices\nreduced during the year by 13% resulting in a reduction of profitability. The\nprogramme for increasing production and quality continues.\n\nThe political situation remains quiet and it is expected that elections will be\nheld towards the end of 2008.\n\nAfrica\nBoth Kenya and Malawi produced excellent crops in 2007. The prev...