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Camellia deferred its interim dividend, but declared a special dividend and said it expected to record an annual underlying pre-tax profit this year despite slipping to a first-half loss on lower tea prices.
The company declared a special dividend of 102p per share, but deferred its the interim dividend, citing continuing uncertainty. The overall dividend in respect of 2020 will be considered when the year was complete, it added.
The company reported a pre-tax loss of £12.1 million compared with a profit of £3.6 million year-on-year as revenue fell to £114.9 million from £117.3 million.
The loss reflected 'the poor tea prices in Bangladesh, Kenya and Malawi, the direct impact of Covid-19 on the engineering and food services operations and lower macadamia yields and prices,' the company said.
'We have previously stated that our full year results for 2020 would be substantially below those of 2019. However, excluding legal costs, impairments and before any profit on disposal of the Horizon Farm property we expect to record an underlying profit before tax,' it added.
At 9:41am: (LON:CAM) Camellia PLC share price was -150p at 6750p