Sharecast News
06 May, 2022 13:02

Camellia trading ahead of expectations as CEO steps down

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CamelliaSharecast graphic / Josh White

Tea-focussed food grower Camellia announced on Friday that chief executive officer Tom Franks was not standing for re-election at its upcoming annual general meeting in late June.

The AIM-traded firm said it would start a search process to identify a new CEO, with chairman Malcolm Perkins to take on the duties in the interim, after the AGM.

“I would like to thank Tom for his contribution to the business as CEO since 2015, including through a very challenging few years,” Malcolm Perkins said.

“We wish him well for the future.”

Looking at its current trading, Camellia said revenues and profits for the year-to-date were ahead of the same period in 2021, and for the full year were expected to be “significantly ahead” of last year, and ahead of market expectations.

It put the performance down to improved trading conditions in all markets for tea, higher production of macadamia, “significantly improved” soya prices and its expectation that 2022 would be an "on-year" for Hass avocado.

Camellia said its full-year results for the year ended 31 December, which were in line with the guidance it issued in December, would be announced in late May.

At 1147 BST, shares in Camellia were up 3.39% at 6,100p.

Reporting by Josh White at Sharecast.com.


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Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author or publisher.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.