M.P. EVANS GROUP PLC
FINAL RESULTS 2023
M.P. Evans Group PLC (“M.P. Evans”, “the Group” or “the Company”), a producer of sustainable Indonesian palm oil, announces its results for the year ended 31 December 2023.
The Group’s 2023 annual report is available on its website at www.mpevans.co.uk.
HIGHLIGHTS
Operational
– Total crop processed up 7% to 1.6 million tonnes (2022 – 1.5 million tonnes)
– 95% of total crop processed in Group mills, with six Group mills operational for almost entire year
– CPO production in Group mills up 22% to 362,100 tonnes (2022 – 297,400 tonnes)
– All six Group mills producing certified output by end of 2023
– Further increase in sustainable crude palm oil (“CPO”), up to 233,400 tonnes (2022 – 218,300 tonnes)
– Acquisition of more than 10,000 planted hectares during the year
– Planting at Musi Rawas estate passes 10,000-hectare target
Financial
– Results affected by lower CPO price environment when compared to exceptionally high prices during 2022
– Average mill-gate price for Group CPO US$729 per tonne (2022 US$854 per tonne)
– Revenue for the year US$307.4 million (2022 US$326.9 million)
– Operating profit US$75.3 million (2022 US$101.6 million)
– Operating cash generation US$107.0 million (2022 US$129.5 million)
– Earnings per share 78.1 pence (2022 – 108.0 pence)
– Dividend for the year 45p per share (2022 – 42.5p per share) with proposed final dividend of 32.5p per share (2022 – 30p per share)
Commenting on the results, Peter Hadsley-Chaplin, chairman of M.P. Evans, said: “The Group has made further significant progress in delivering its strategy in 2023. We increased the amount of crop that was processed and, importantly, almost all that crop is processed in a Group mill now that our sixth mill is up and running. We have secured a substantial increase in planted hectarage during the year, which will support our continuing growth, and we remain focused on opportunities for further sustainable development, both at our existing estates and as we continue to review additional acquisition prospects.
Profit and cash generation remain strong and form a sound foundation for the board’s proposal to increase the final dividend for 2023 to 32.5p per share. This brings total dividends for the year up to 45p per share, another step forward in the Group’s long-standing progressive approach to shareholder returns.”
Enquiries:
| M.P. Evans Group PLC | +44 (0)1892 516333 |
| Peter Hadsley-Chaplin | Executive chairman |
| Matthew Coulson | Chief executive |
| Luke Shaw | Chief financial officer |
| Cavendish Capital Markets Limited (Nomad and sole broker) | +44 (0)20 7220 0500 |
| Matt Goode, George Lawson (corporate finance) | |
| Tim Redfern, Harriet Ward (equity capital markets) | |
| Hudson Sandler (Financial PR) | +44 (0)20 7796 4133 |
| Charlie Jack, Charlotte Cobb, Francis Kerrigan |
A presentation for analysts will be held today at 9.30am at the offices of Hudson Sandler at 25 Charterhouse Square, London, EC1M 6AE.