6th Jun 2019 11:57
LONDON (Alliance News) - Camellia PLC on Thursday said it was "too early" to make predictions for the company's "likely results for 2019", as most of its sales are made in the second half.
The agri- and horticulture firm added that its annual results "remain largely dependent" on the agriculture division, where the majority of harvesting happens in the second half.
The company said that tea prices in Kenya and Malawi increased compared to the end of 2018, due to a dry spell in Kenya, which reduced volumes.
However, the average tea price in both nations for 2019 to date remains "significantly below that of 2018", Camellia said, with production volumes in Kenya around 30% lower than last year.
Meanwhile, in India and Bangladesh, good rains have resulted in "substantially higher early season production volumes", the firm added, but average selling prices have been below those for 2018 due to an oversupply of last season's teas.
The majority of tea production and sales take place in the second half of the year, however, Camellia noted.
The firm continued: "Early harvesting of macadamia has seen crops slightly better than last year; the majority of the crop has still to be harvested and processed. Early indications are that prices will be better than those of 2018."
Camellia shares were trading 2.4% higher at 10,700.00 pence each.
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