Malcolm Perkins, Chairman, stated:
“2017 saw an improved performance from the Group, particularly from the Agriculture division, which reflected the higher tea prices in the second half of the year. We also completed the sale and closure of Duncan Lawrie which resulted in one off gains of £20.3 million being reflected in the 2017 results.”
“For 2018, early signs of a better macadamia crop and some good prices for tea in the first quarter give us reasons to be optimistic and our UK based businesses are busier than they have been for some time. However it is too early in the year to predict outcomes with any certainty.”
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Financial highlights |
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Year ended |
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Year ended |
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31 December 2017 |
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31 December 2016 |
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£'m |
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£'m |
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Revenue – continuing operations |
298.3 |
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257.9 |
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Profit before tax – continuing operations |
27.6 |
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26.5 |
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Profit/(loss) from discontinued operation |
14.8 |
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(20.0) |
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Profit/(loss) for the year |
28.6 |
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(5.9) |
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Earnings per share |
803.8 |
p |
(387.4) |
p |
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Earnings per share – continuing operations |
268.0 |
p |
336.7 |
p |
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Proposed final dividend |
98 |
p |
95 |
p |
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Total dividend for the year |
135 |
p |
130 |
p |
Highlights
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· Improved trading profits, particularly in Agriculture, driven by higher tea prices, partially offset by adverse weather impact on macadamia production. · Excellent performance from Food Service; mixed results from Engineering. · Continuing portfolio refinement to enhance core businesses and divest peripheral activities including completion of the Duncan Lawrie disposal. · Significant investment in key crops, plant and equipment to propel future growth. · Results from associate BF&M impacted by hurricane claims in the Caribbean. · Substantial net cash resources. |