7th Dec 2022 14:21
Camellia PLC - Kent-based agriculture and engineering services firm - Reports unchanged expectations for underlying profit before tax for 2022, with the exception of trading for BF&M Ltd, an insurance company based in Bermuda. Camellia holds a 37.4% stake in BF&M. Says BF&M has reported a shareholders' net loss of BMD13.4 million, about GBP11.0 million, for the nine months that ended September 30, compared to net income of BMD19.5 million a year before. Net income was BMD9.3 million, down from BMD17.8 million a year before.
Excluding results for BF&M, Camellia says it believes its adjusted pretax profit for 2022 to be about 50% to 55% below that of last year, which was GBP8.8 million, and in light of BF&M results, it is likely that its annual adjusted pretax profit to be lower than what was expected previously. Last month, Camellia lowered its profit expectations for 2022 due to lower-than-average crop volumes. It expected pretax profit to decline 65% to 70% compared to last year.
Current stock price: flat at 4,500.00 pence each
12-month change: down 32%
By Xindi Wei, Alliance News reporter
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