IN BRIEF: Camellia warns of widening losses but sees higher revenue
6th Jun 2024 19:54
Camellia PLC - Kent-based agriculture and engineering services firm - Issues trading update. Despite reduced tea production expectations in India and further reductions in tea prices in Kenya and Malawi, it continues to expect revenue above that of 2023. However, the outlook for the adjusted pretax loss for continuing operations has worsened from previous guidance and is now at between GBP10 to GBP12 million. In 2023, Camellia posts loss of GBP2.5 million. Says at March 31, net cash was GBP21.7 million. Notes Indian tea production has been severely affected by very dry weather, which is also expected to impact yields in June. In Kenya, says favourable weather meant crops in May were higher than expected. Read More