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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 $800 per tonne in the first ten months of 2024, up 2.9% from an average of $777 per tonne in the first eight months of the year.
Some sales in November reached more than $950 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 $350 million, which would represent a 13% growth from $307.4 million in 2023, and pretax profit of $94.2 million, up 26% from $72.8 million.
Shares in MP Evans were up 7.5% at 1,000.00 pence each in London on Friday morning.
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