Camellia doesn’t bag investors after results

The share price of agriculture firm Camellia (LON:CAM) has fallen by 2.35% to 10,400p (as of 13:50 BST) following the publication of its results for 2018. Underlying profits before tax rose by 38.1% and the company is now the world’s largest tea grower.

Chairnman Malcolm Perkins commented: “2018 was a very good year for the Group. We made significant financial and strategic progress as our agricultural crops benefited from generally good weather conditions and selling prices. We also continued to develop our business portfolio, with substantial investment continuing in agriculture whilst disposing of a number of peripheral businesses.

“After the year end we acquired two tea estates in Assam which we believe now makes us the largest private tea producer in the world.

“Looking at 2019, it is too early to predict outcomes as most of our trading takes place in the second half of the year. However, early tea auction prices have been weak, with those in Kenya below the cost of production and there is a risk that other tea markets could be impacted as their seasons begin. We continue to monitor and prepare for Brexit and whilst we expect there to be some impact on our UK businesses, we are confident that the majority of our operations will be largely unaffected.“