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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Camellia Plc | LSE:CAM | London | Ordinary Share | GB0001667087 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-20.00 | -0.44% | 4,500.00 | 4,460.00 | 4,500.00 | 4,500.00 | 4,500.00 | 4,500.00 | 870 | 13:34:32 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Offices-holdng Companies,nec | 320.9M | -13M | -4.7067 | -9.56 | 124.29M |
TIDMCAM
RNS Number : 4170I
Camellia PLC
01 April 2020
1 April 2020
Camellia Plc (the "Company")
Trading update
As a result of the current and rapidly changing developments relating to the COVID-19 virus outbreak, Camellia Plc is issuing an update on trading.
People
First, we would like to thank all of our staff around the world for their continuing support. Many of our businesses are in the food sector and deemed essential by national governments and therefore it is important that they continue operations wherever possible, whilst complying with local safety and hygiene protocols.
Trading
Agriculture
As of today, all of our agricultural operations have been working close to normal with the exception of India. On 24 March, the Indian Government announced a national shut down which included all tea estates. Were this shut down to continue for another two weeks, it is likely to lead to a hiatus of a minimum of five weeks before plucking can recommence, which will result in the loss of the majority of the lucrative 'first flush' season.
Our agricultural operations outside India continue to operate broadly as usual, although working practices have been changed, sometimes substantially, to ensure social distancing and access to sanitation equipment. Many restrictions have been put in place on non-essential workers, internal travel, international borders, etc. in almost every country, the implications of which have yet to manifest themselves fully but are likely to cause further disruption in the weeks and months ahead.
Engineering
Our engineering businesses are also operating at close to normal. However, the possibility of increasing sickness and more stringent restrictions on working means we expect that some or all plants may be forced to close.
Food Service
ACS&T continues to operate its cold stores although the refrigerated transport business has seen reduced volumes. Given its position in the food supply chain, we will ensure that operations are maintained for as long as possible.
Jing Tea (2019 Revenue GBP4.2 million) has been severely impacted by the downturn in tourism and retail globally.
Financial Position
The Group has a strong balance sheet with substantial cash liquidity which amounted to GBP86.7m in cash and money market deposits net of borrowings as at 31 December 2019. Notwithstanding this, all of our businesses have put in place contingency plans both against the impacts of the virus and also to conserve cash wherever possible by delaying or cancelling non-critical expenditure. Your Board has therefore decided that it would be inappropriate to recommend any additional dividends until we get clarity on the situation. Once we have this clarity and if circumstances so justify, we will declare a special dividend alongside the interim dividend.
The results for the year ended 31 December 2019 along with the Annual Report were due to be published on 8 April. However, given the additional audit requirements resulting from the virus outbreak, and the practical difficulties that some of our overseas subsidiaries are having in providing data, they will now be delayed. We will update shareholders about this and the timing and format of the AGM in due course.
The situation is developing rapidly and the Company will make further announcements when appropriate on the matters above when their impact is more certain.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
Enquiries
Camellia Plc
01622 746655
Tom Franks, CEO
Susan Walker, CFO
Panmure Gordon
020 7886 2500
Nominated Adviser and Broker
Emma Earl
Erik Anderson
Maitland/amo
PR
William Clutterbuck
07785 292617
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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April 01, 2020 07:00 ET (11:00 GMT)
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