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Final Results

25th Mar 2025 07:00

RNS Number : 9535B
M. P. Evans Group PLC
25 March 2025
 

M.P. EVANS GROUP PLC

 

FINAL RESULTS 2024

 

RECORD PROFITS, RECORD DIVIDENDS, AND WELL PLACED FOR INCREASING RETURNS

 

M.P. Evans Group PLC ("M.P. Evans", "the Group" or "the Company"), a producer of sustainable Indonesian palm oil, announces its results for the year ended 31 December 2024. The Group has achieved record-breaking results for 2024, supported by a year of tight control over operating costs, alongside favourable crude-palm-oil pricing. Revenue, profitability and cash generation are all up substantially on last year. Once again, despite some weather-related challenges seen across Indonesia, the Group was able to process 1.6 million tonnes of crop, almost all in the Group's six efficiently operated palm-oil mills.

 

The Group's 2024 annual report is available on its website at www.mpevans.co.uk.

 

HIGHLIGHTS

 

Financial

 

- Average mill-gate price for Group CPO US$823 per tonne (2023 US$729 per tonne)

- Revenue for the year US$352.8 million (2023 US$307.4 million)

- Operating profit US$115.7 million (2023 US$75.3 million)

- Operating cash generation US$152.6 million (2023 US$103.1 million)

- Earnings per share 129.6 pence (2023 - 78.1 pence)

- Dividend for the year 52.5p per share (2023 - 45.0p per share) with proposed final dividend of 37.5p per share (2023 - 32.5p per share)

 

Operational

 

- Total crop processed maintained at 1.6 million tonnes

- Six certified palm-oil mills in operation throughout year processing 96% of total crop

- Further increase in certified sustainable crude palm oil ("CPO"), up to 257,000 (2023 - 233,400 tonnes)

- Acquisition of minority interest in Group estates during the year increasing effective ownership by 1,700 hectares

- Planting continuing at Musi Rawas, as total area approaches 11,000 hectares, and planting programme started at recently acquired estate at Kota Bangun

- Increase in conservation hectarage, particularly mangrove forest at Bumi Mas, and conservation area now 12% of planted land

- Actively seeking new strategic acquisitions

 

Commenting on the results, Peter Hadsley-Chaplin, chairman of M.P. Evans, said: "I am delighted that the Group is able to report such an excellent set of results for 2024. Alongside record profits and a 17% increase in dividends for the year, the Group's commitment to responsible operation is as strong as ever. Our planted hectarage increased once again and we continue to plant new areas to support future growth, whilst seeking further new suitable acquisitions."

 

Enquiries:

 

M.P. Evans Group PLC

+44 (0)1892 516333

Peter Hadsley-Chaplin

Chairman

Matthew Coulson

Chief executive

Luke Shaw

Chief financial officer

 

 

Cavendish Capital Markets Limited (Nomad and sole broker)

+44 (0)20 7220 0500

Matt Goode, George Lawson (corporate finance)

Tim Redfern, Harriet Ward (equity capital markets)

Hudson Sandler (Financial PR)

+44 (0)20 7796 4133

Charlie Jack, Francis Kerrigan, Francesca Rosser

 

A presentation for analysts will be held today at 9.30am at the offices of Hudson Sandler at 25 Charterhouse Square, London, EC1M 6AE.

 

CHAIRMAN'S STATEMENT

 

Results

 

The Group achieved a gross profit of US$116.6 million in 2024, almost 50% higher than in the previous year, and an all-time record. This was, in the main, a reflection of the higher crude-palm-oil ("CPO") price, at US$823 per tonne mill-gate, 13% higher than last year, combined with an ongoing focus on maintaining control over operational costs. In addition, the Group harvested 2% more crop from its own areas and those managed on behalf of its associated scheme smallholders during the year, whilst the total crop processed by the Group remained the same as last year at 1.6 million tonnes.

 

Earnings per share were 129.6p, significantly higher than the 78.1p recorded in 2023. The high-price environment benefited the Group during the year, most notably in the second half, along with lower operating costs, including from a continued reduction in fertiliser costs. The Group generated a large amount of operating cash, with net operating cash inflows of US$135.8 million (2023 - US$79.7 million). This was put to good use in returning funds to shareholders, continued capital investment, and eliminating Group net debt. At the end of the year, the Group had net funds of US$46.4 million (2023 net debt of US$14.8 million).

 

Dividend

 

An interim dividend of 15p per share (2023 - 12.5p per share) was paid on 1 November 2024 and the board is recommending a final dividend of 37.5p per share (2023 - 32.5p per share). The total figure of 52.5p per share (2023 - 45p per share) represents an increase in the annual dividend of 17% and is another step forward in the Group's progressive dividend policy. The Group is proud of its track record, stretching back for more than thirty years, of maintaining or increasing normal dividends.

 

This further, significant, increase in dividend distributions reflects both the step up in profitability achieved in 2024 and the board's continuing confidence in the long-term prospects for the Group. Whilst crop and production in 2024 were similar to the previous year, the Group's ongoing ability to generate substantial cash inflows forms a sound basis for both shareholder returns and further investment for the future.

 

Share buyback

 

Over the course of 2024, the Group maintained its share-buyback programme and, by the end of the year, had deployed US$13.4 million (2023 - US$9.7 million) to purchase, and subsequently cancel, 1,183,398 (2023 - 991,198) of the Company's 10p shares. This represented 2.2% (2023 - 1.8%) of the issued share capital. The buyback programme serves to enhance earnings per share and the shareholder authorisation for it continues until the next annual general meeting.

 

Strategic developments

 

In 2024, the Group was able to continue deploying and developing its strategy of being a producer of certified sustainable Indonesian palm oil. Following a period of extensive capital investment, the Group had, for the first time in 2024, six palm-oil mills in operation for the whole year. More specifically, all six mills were able to produce certified sustainable crude palm oil ("CPO") throughout the year and, as a result, the proportion of the Group's production qualifying as sustainable oil increased from 62% in 2023 to 69% in 2024. The Group's strategy, which will bring financial gains along with other benefits, is to continue increasing this proportion. The Group expects to be able to achieve this in three separate ways: firstly, by increasing the efficient operation of its existing planted areas; secondly, by adding further planted hectarage within the estates it already owns and operates; and, thirdly, by acquiring additional planted hectarage close to the Group's existing milling facilities, and suitable new acquisitions are being actively sought.

 

In furtherance of the Group's strategy, the Group continued to plant new areas during 2024, most significantly at its Musi Rawas project in South Sumatra where a further 500 hectares were planted, bringing the total planted hectarage for the Group and its associated scheme smallholders to 10,800 hectares there. The Group expects to surpass the updated 11,000-hectare target in early 2025 and to continue planting thereafter. Every additional hectare planted will, in due course, provide additional valuable further crop to the Group's on-site mill, increasing the amount of sustainable output, reducing reliance on outside suppliers, and be margin enhancing.

 

During 2024, the Group acquired the 5% minority interest in the majority of its Indonesian subsidiary companies. As a result of this transaction, the Group effectively acquired approximately 1,700 hectares of its own, high-quality planted areas, and now owns 100% of all its Indonesian operations, with the exception of its Bangka estate where there remains a 10% minority partner. The Group paid US$9,000 per planted hectare for this transaction, which compares favourably with the average year-end independent valuation of the Group's majority-held areas of US$18,500 per hectare. Similar to share buybacks, this transaction was immediately earnings enhancing, and concentrates the interests of existing shareholders in the Group's operations.

 

As indicated in previous reports, the Group's recently acquired properties at Kota Bangun will, over time, make a significant crop contribution to the Group's two mills there. Even more encouragingly, after careful analysis, working with the Group's environmental consultants, management have identified some further areas suitable for planting within these properties, and a planting programme began just before the end of 2024. Whilst there was only a small amount completed before the end of the year, management have set a target to achieve in excess of 1,000 hectares of new planting there before the end of 2025.

 

The smallholder plantings which form part of the areas managed and harvested by the Group remain an integral part of the Group's activities, and the Group is committed to working in close partnership with all the smallholder co-operatives at each of its estates. The Group purchases crop from the smallholders at a fair price, and the Group and its associated smallholders succeed and thrive together. The newest smallholder areas are connected to the Group's estates in North Sumatra and Aceh and, over recent years, approximately 1,600 hectares have been established, with over 250 hectares planted during 2024. The Group provides initial funding to ensure that planting can be done efficiently and without creating a financial burden for the smallholder.

 

Sustainability

 

The production of certified sustainable output is a core part of the Group's strategy, and throughout the year all six of the Group's mills have been certified to sell sustainable CPO in accordance with the requirements of the International Sustainability and Carbon Certification ("ISCC") scheme, enabling it to receive additional sustainability income at all locations. In addition, as a member of the Roundtable on Sustainable Palm Oil ("RSPO"), the Group is committed to obtaining RSPO accreditation for all six of its mills. By the end of 2024, five mills had received accreditation, with the Musi Rawas mill being certified in the early part of the year. The RSPO audit took place at the Bumi Mas mill in the latter part of 2024, and the Group aims to complete the accreditation process during 2025. In addition, the Group took the decision in 2024 to process only crop from Group-managed areas at its Bumi Permai mill at Kota Bangun and, as a result, that mill has been certified to process 'identity preserved' CPO by the RSPO. This may, in due course, lead to increased sustainability premia being available at that location. The Group is also committed to compliance with the upcoming EUDR which are due to be implemented from the start of 2026. The Group is satisfied that the areas it manages will be in compliance, and is already working with a key customer in advance of the implementation of the new standards.

 

The Group is committed to increasing the amount of sustainability-based disclosures it provides and, over the course of the last year, has published separate TCFD and ESG reports. The Group has published a carbon balance sheet, and measured carbon intensity based on emissions per tonne of CPO produced. Targets have been set for carbon reduction, with an ultimate objective of achieving net zero by 2050 and, by 2024, the Group has achieved a 36% reduction in total emissions from its baseline year of 2021. Carbon intensity has reduced from 8.9 in 2021 to 4.8 in 2024.

 

Operational developments

 

The total crop processed by the Group in 2024 was 1,608,900 tonnes, down by 1% on the 1,622,900 tonnes in 2023. This reflected an increase in crop harvested from areas managed by the Group, but this was more than offset by a decrease in purchases from independent

suppliers.

 

 

 

 

2024 

Increase/

(decrease)

2023 

Tonnes 

%

Tonnes 

Crop

 

 

 

Own crops

Kota Bangun

284,000 

14 

249,900 

Bangka

137,400 

(1)

138,200 

Pangkatan group

168,600 

(9)

185,000 

Bumi Mas

144,800 

(7)

156,400 

Musi Rawas

136,100 

128,900 

Simpang Kiri

66,100 

64,500 

937,000 

922,900 

Scheme-smallholder crops

Kota Bangun

105,500 

100,500 

Bangka

81,400 

(4)

85,200 

Pangkatan group

5,200 

100 

2,600 

Bumi Mas

29,200 

(2)

29,700 

Musi Rawas

64,000 

60,200 

Simpang Kiri

600 

100 

300 

285,900 

278,500 

Independent crops purchased

Kota Bangun

144,200 

132,000 

Bangka

91,400 

(16) 

108,600 

Pangkatan group

37,200 

(29) 

52,600 

Bumi Mas

39,800 

(33) 

59,500 

Musi Rawas

73,400 

68,800 

386,000 

(8) 

421,500 

Total crop

1,608,900 

(1)

1,622,900 

 

With six mills in operation throughout the year for the first time, the focus is now on maximising their profitable utilisation and continued operational excellence. The Group achieved the highest ever mill throughput of Group-harvested crop during 2024, and its strategy is to continue increasing utilisation from the Group's own areas. As a result, 96% of the 1.6 million tonnes of total crop was processed in a Group mill.

 

 

 

 

Increase/

 

 

2024 

(decrease)

2023 

Production - crude palm oil

Tonnes 

Tonnes 

Group mills

Kota Bangun

123,500 

10 

112,000 

Bangka

70,200 

(9)

76,800 

Pangkatan group

47,200 

(13)

54,500 

Bumi Mas

51,300 

(12)

56,800 

Musi Rawas

64,000 

60,200 

356,200 

(2)

362,100 

Third-party mills

Kota Bangun

1,000 

400 

200 

Musi Rawas

1,600 

Simpang Kiri

15,000 

14,600 

16,000 

(2)

16,400 

372,200 

(2)

378,500 

Production - palm kernels

Group mills

Kota Bangun

27,200 

12 

24,200 

Bangka

17,800 

(6)

19,000 

Pangkatan group

10,900 

(12)

12,400 

Bumi Mas

9,600 

(7)

10,300 

Musi Rawas

12,500 

10 

11,400 

78,000 

77,300 

Third-party mills

Kota Bangun

300 

Musi Rawas

400 

Simpang Kiri

3,000 

2,900 

3,300 

3,300 

81,300 

80,600 

Extraction rates - crude palm oil

Group mills

 

 

Kota Bangun - Bumi Permai

24.3 

24.4 

Kota Bangun - Rahayu

22.1 

21.3 

Bangka

22.6 

(2)

23.1 

Pangkatan group

22.4 

(1)

22.7 

Bumi Mas

24.0 

23.9 

Musi Rawas

23.4 

(3)

24.1 

23.2 

(1)

23.4 

Third-party mills

Kota Bangun

18.3 

(9)

20.0 

Musi Rawas

20.5 

Simpang Kiri

22.5 

22.5 

Extraction rates - palm kernels

Group mills

Kota Bangun - Bumi Permai

5.6 

5.5 

Kota Bangun - Rahayu

4.5 

4.3 

Bangka

5.7 

5.7 

Pangkatan group

5.2 

5.2 

Bumi Mas

4.5 

4.2 

Musi Rawas

4.6 

4.5 

5.1 

5.0 

Kota Bangun

4.9 

4.5 

Musi Rawas

4.7 

Simpang Kiri

4.4 

(2)

4.5 

 

Alongside its ambition to expand by purchasing further planted hectarage close to its existing estates, the Group continued to grow by planting additional areas, in a sustainable manner, in its existing properties, to ensure that yields can be maximised and that the Group is doing all it can to supply Group-harvested crop into its own milling facilities. In all cases, agreed land compensation was paid to members of the local community before any planting took place, based on the principles of free, prior and informed consent. Furthermore, planting only took place on environmentally suitable land, monitored by the Group's sustainability team, and in full compliance with the principles set out by the RSPO.

 

At the Musi Rawas estate in South Sumatra, the Group was able to plant a further 500 hectares during 2024 for itself and for the scheme smallholders, bringing the total planted area to over 10,800 hectares. The Group expects to surpass the revised 11,000-hectare target in 2025, and will continue planting thereafter.

 

As previously reported, when the Group acquired an additional 2,100 hectares at Simpang Kiri in 2023, it was based upon the expectation of replanting approximately half the acquired area to support the estate's long-term crop growth. By the end of 2023, the Group had replanted approximately 1,000 hectares. Whilst this replanted area will take time to start yielding and thereafter to reach full maturity, this investment puts the Simpang Kiri estate in a strong position to achieve future growth.

 

Also in 2023, the Group acquired over 8,000 planted hectares in East Kalimantan which have now become part of the enlarged Kota Bangun project. Since acquisition, management has been working with the Group's environmental consultants to determine whether further planting may be possible in the acquired areas. Towards the end of 2024, several environmentally suitable areas were identified, and a planting programme began just before the end of the year. The Group aims to complete 1,000 hectares of additional planting before the end of 2025.

 

In North Sumatra, routine replanting in the mature plantations around the Pangkatan mill continues, with a further 250 hectares replanted in the year. In addition, in northern Sumatra (both at Pangkatan and Simpang Kiri), the Group has continued to support the formation and planting to oil palm of additional smallholder schemes, with a further 250 hectares planted in the year bringing the total to 1,600 hectares. This, relatively new, project is starting to 'bear fruit' with a total crop of 6,000 tonnes in 2024 and an acceleration in production is expected in the coming years as more areas come into maturity.

 

Current trading and prospects

 

The Group experienced good cropping levels from the areas managed for itself and on behalf of its associated scheme smallholders during the first two months of 2025, and almost all locations are ahead of the same period in 2024. Total crop harvested from Group-owned areas was up 5%, and crop from associated scheme smallholders up 16%, on the first two months of 2024. Rainfall levels have been encouraging in most locations, although dry weather did continue in the latter part of 2024 and into early 2025 in some areas of East Kalimantan. As is always the case, the Group's geographic diversity across much of Sumatra and East Kalimantan will continue to be of benefit, particularly when it comes to the variability of weather patterns.

 

Continuing the trend observed in 2024, the Group purchased a lower level of crop from outside suppliers in the first two months of 2025, down by 33%, once again reflecting both the cost and quality constraints. At the same time, this was consistent with the Group's plans to manage the mix of crop being processed in its mills, and to take considered steps to manage and enhance Group margins.

 

Overall, total crop processed in the first two months of 2025 was 239,600 tonnes. Details are set out in the following table:

 

 

 

2 months ended 

Increase/ 

2 months ended 

 

28 February 2025 

(decrease) 

29 February 2024 

 

Tonnes 

Tonnes 

Own crops

150,100 

143,600 

Scheme-smallholder crops

50,000 

16 

43,200 

Independent crops purchased

39,500 

(33)

58,900 

239,600 

(2) 

245,700 

 

As reported above, the Group achieved an average mill-gate price for its CPO of US$823 per tonne in 2024, which was 13% higher than in the previous year. Whilst prices fell somewhat in the early part of 2025 from their elevated levels seen towards the end of 2024, pricing has remained strong, and the Group continues to receive mill-gate prices higher than the average achieved for 2024. The average tender price for the Group's CPO in the first two months of 2025 was US$870 per tonne.

 

The Group is continuing to plant new hectares, both for itself and for scheme smallholders, in Sumatra and East Kalimantan, in early 2025. It is taking steps towards further planting as the year progresses, including agreeing land compensation, preparing areas for planting, and readying planting material in on-site nurseries. As a result, the total planted area managed by the Group will increase once again during 2025. Alongside these efforts, the Group is actively seeking further planted areas through acquisition, and the Group's healthy balance sheet and significant net funds puts it in a strong position.

 

Based on the encouraging start to 2025, the immediate and longer-term prospects, the board remains firmly of the view that sustainable palm oil, as a high-yield and low-cost product, will continue to be in demand and offer attractive returns, and that, as a result, the prospects for the Group remain very positive.

 

 

Peter Hadsley-Chaplin

Chairman

 

CONSOLIDATED INCOME STATEMENT

For the year ended 31 December 2024

 

2024 

2023 

US$'000 

US$'000 

Continuing operations

 

Revenue

352,839 

307,368 

Cost of sales

(236,249)

(228,915)

Gross profit

116,590 

78,453 

Gain on biological assets

1,847 

551 

Foreign-exchange loss

(23)

(1,188)

Other administrative expenses

(5,930)

(5,443)

Other income

3,211 

2,923 

Operating profit

115,695 

75,296 

Finance income

1,236 

1,348 

Finance costs

(3,441)

(3,810)

Profit before tax

113,490 

72,834 

Tax on profit on ordinary activities

(25,213)

(18,826)

Profit after tax

88,277 

54,008 

Share of associated companies' profit after tax

2,355 

2,390 

Profit for the year

90,632 

56,398 

 

Attributable to:

Owners of M.P. Evans Group PLC

87,851 

52,487 

Non-controlling interests

2,781 

3,911 

 

90,632 

56,398 

US cents 

US cents 

Continuing operations

Basic earnings per 10p share

165.9 

97.6 

Diluted earnings per 10p share

165.1 

97.2 

 

 

Pence 

Pence 

Basic earnings per 10p share

Continuing operations

129.6 

78.1 

 

 

CONSOLIDATED BALANCE SHEET

As at 31 December 2024

 

Company number: 1555042

 

 

 

2024 

2023 

 

US$'000 

US$'000 

Non-current assets

Goodwill

17,083 

17,083 

Other intangible assets

852 

1,012 

Property, plant and equipment

480,983 

486,915 

Investments in associates

10,524 

10,003 

Investments

61 

59 

Deferred-tax asset

1,808 

1,138 

Trade and other receivables

8,875 

511,311 

525,085 

Current assets

Biological assets

5,635 

3,788 

Inventories

22,788 

24,155 

Trade and other receivables

20,847 

23,853 

Current-tax asset

7,777 

8,673 

Current-asset investments

214 

270 

Cash and cash equivalents

79,223 

39,324 

 

136,484 

100,063 

Total assets

647,795 

625,148 

 

Current liabilities

Borrowings

12,953 

21,009 

Trade and other payables

33,122 

27,547 

Current-tax liability

13,029 

6,279 

 

59,104 

54,835 

Net current assets

77,380 

45,228 

Non-current liabilities

Borrowings

20,074 

33,413 

Deferred-tax liability

22,007 

19,398 

Retirement-benefit obligations

13,141 

12,429 

 

55,222 

65,240 

Total liabilities

114,326 

120,075 

Net assets

533,469 

505,073 

 

Equity

Share capital

8,922 

9,062 

Other reserves

53,887 

53,263 

Retained earnings

462,938 

422,748 

Equity attributable to the owners of MP Evans Group PLC

525,747 

485,073 

Non-controlling interests

7,722 

20,000 

Total equity

533,469 

505,073 

 

CONSOLIDATED CASH-FLOW STATEMENT

For the year ended 31 December 2024

 

 

2024 

2023 

 

US$'000 

US$'000 

Net cash generated by operating activities

135,800 

79,674 

 

Investing activities

Acquisition of subsidiaries, net of cash acquired

(34,516)

Purchase of property, plant and equipment

(21,630)

(38,282)

Purchase of intangible assets

(24)

(25)

Interest received

1,050 

600 

Repayment of loans made to smallholder co-operatives

2,291 

738 

New loans to smallholder co-operatives

(1,608)

(2,931)

Bank deposits treated as current-asset investments

44 

(266)

Proceeds on disposal of property, plant and equipment

548 

6,997 

Net cash used by investing activities

(19,329)

(67,685)

 

Financing activities

Acquisition of non-controlling interest

(6,000)

New borrowings

637 

Repayment of borrowings

(21,145)

(17,405)

Dividends paid to Company shareholders

(32,339)

(28,188)

Dividends paid to non-controlling interest

(3,145)

(155)

Issue of Company shares

107 

Buyback of Company shares

(13,367)

(9,678)

Net cash used by financing activities

(75,252)

(55,426)

 

Net increase/(decrease) increase in cash and cash

 

 

equivalents

41,219 

(43,437)

 

Net cash and cash equivalents at 1 January

39,324 

82,503 

Effect of foreign-exchange rates on cash and cash

equivalents

(1,320)

258 

Cash and cash equivalents at 31 December

79,223 

39,324 

Note - certain 2023 cash flows relating to balances with smallholder co-operatives have been amended above for consistency with the current year treatment.

 

Notes

 

1. Dividends paid and proposed

2024 

2023 

US$'000 

US$'000 

2024 interim dividend - 15p per 10p share (2023 interim dividend 12.5p)

 

10,448 

 

8,153 

2023 final dividend - 32.5p per 10p share (2022 final dividend 30p)

21,891 

20,035 

32,339 

28,188 

 

Following the year, the board has proposed a final dividend for 2024 of 37.5p per 10p, amounting to US$24.5 million. The dividend will be paid on or after 19 June 2025 to shareholders on the register at the close of business on 25 April 2025.

 

2024 

2023 

Ex-dividend date

24 April 2025 

25 April 2024

Record date

25 April 2025 

26 April 2024

Dividend payable on or after

19 June 2025 

19 June 2024

 

2. Basic and diluted earnings per share

 

The calculation of earnings per 10p share is based on:-

 

2024 

 

2032 

2024 

Number 

2023 

Number 

US$'000 

of shares 

US$'000 

of shares 

Profit for the year attributable to the owners

of M.P. Evans Group PLC

87,851 

52,487 

Average number of shares in issue

52,962,578 

53,753,331 

Diluted average number of shares in issue*

53,223,589 

53,981,990 

 

\* The difference between the number of shares in issue and the diluted number of shares relates to unexercised share options held by directors and key employees of the Group.

 

3. Financial information

 

The financial information has been derived from the Company's audited accounts but does not itself constitute statutory accounts within the meaning of section 435 of the Companies Act 2006. The statutory accounts for the financial year ended 31 December 2024 have been reported on by the Group's auditors, BDO LLP, and will be filed with the Registrar of Companies. The report of the auditors thereon was unqualified and did not contain a statement under section 498(2) or (3) of the Companies Act 2006, nor did it contain any matters to which the auditors drew attention without qualifying their audit report.

 

4. International Accounting Standards

 

This announcement is based on the Group's financial statements which were prepared in accordance with UK-adopted International Accounting Standards.

 

5. Distribution timetable

 

The Group's 2024 annual report is available on the Group's website and will be despatched to shareholders on or before 11 April 2025. Printed copies of the Group's 2024 annual report will be available from the Company, 3 Clanricarde Gardens, Tunbridge Wells, Kent TN1 1HQ. The annual general meeting will be held on Friday 13 June 2025.

 

 

 

By order of the board

Katya Merrick

Company secretary

 

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