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Camellia PLC - Kent-based agriculture and engineering services firm - Issues trading update. Despite reduced tea production expectations in India and further reductions in tea prices in Kenya and Malawi, it continues to expect revenue above that of 2023. However, the outlook for the adjusted pretax loss for continuing operations has worsened from previous guidance and is now at between £10 to £12 million. In 2023, Camellia posts loss of £2.5 million. Says at March 31, net cash was £21.7 million. Notes Indian tea production has been severely affected by very dry weather, which is also expected to impact yields in June. In Kenya, says favourable weather meant crops in May were higher than expected.
Current stock price: 4,480.00 pence, up 0.5% in London on Thursday
12-month change: down 23%
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