15th Nov 2024 09:43
(Alliance News) - MP Evans Group PLC on Friday said it has lifted its full-year revenue and profit expectations, after an increase in crude palm oil prices during the second half of its current financial year.
The Tunbridge Wells, England-based producer of Indonesian crude palm oil said crude palm oil prices have increased to an average of USD800 per tonne in the first ten months of 2024, up 2.9% from an average of USD777 per tonne in the first eight months of the year.
Some sales in November reached more than USD950 per tonne, MP Evans added.
The group's full-year production guidance of 1.6 million tonnes remains unchanged.
MP Evans said: "This more favourable pricing environment, combined with a continued focus on cost control, means that the board expects group revenue to be higher than that previously envisaged, and that there will be a more significant impact on anticipated profitability."
Though MP Evans did not on Friday outline what its expectations were, broker Panmure Liberum forecast full-year revenue of USD350 million, which would represent a 13% growth from USD307.4 million in 2023, and pretax profit of USD94.2 million, up 26% from USD72.8 million.
Shares in MP Evans were up 7.5% at 1,000.00 pence each in London on Friday morning.
By Emily Parsons, Alliance News reporter
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