Camellia plc (GB:CAM) has released an update.
Camellia plc, amidst challenging agricultural market conditions, reported a revenue drop to £272.3 million in 2023 from £297.2 million in 2022, with a trading loss of £5.6 million compared to a £15.5 million profit previously. Key factors included lower tea prices, wage cost increases, and tough competition in tea markets. Despite a doubled trading profit in avocados, the company faced overall operating and trading losses, although it maintains a strong cash position with £21.7 million in net cash and a valuable investment portfolio. The Board has decided not to recommend a final dividend for 2023 due to financial performance and an uncertain outlook for 2024.
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