FINANCIAL HIGHLIGHTS:
|
|
Half year ended 31 March 2018 |
Half year ended 31 March 2017 |
Change |
|
Revenue |
£53.6m |
£47.1m |
+13.7% |
|
Adjusted operating margin1 |
11.3% |
11.0% |
+38bps |
|
Adjusted operating profit1 |
£6.1m |
£5.2m |
+17.6% |
|
Adjusted profit before tax1 |
£5.8m |
£4.8m |
+20.4% |
|
Adjusted basic earnings per share1 |
8.58p |
6.58p |
+30.3% |
|
Dividend per share |
1.60p |
1.45p |
+10.3% |
OPERATIONAL HIGHLIGHTS:
· Encouraging start to new five-year strategy
· Core business categories of citrus, tea and sugar reduction continue to drive top-line growth
· Strong revenue growth in UK and US markets
· Funding in place to accelerate US expansion and deliver new UK facilities for the future
o US expansion well underway – completion due by end 2018
o Full planning permission granted for UK site relocation
· Since period end, contracts exchanged for sale of Earthoil Plantations for cash consideration of £11.0m
Commenting on the results, Group CEO, Daemmon Reeve, said:
“Following the exceptional performance of the Group in 2017, it is very encouraging to again be reporting both strong revenue and profit growth for the half year. Our strategy continues to deliver with the main business drivers of citrus, tea and sugar reduction performing well in the period.
Whilst there is still much to do to complete the year, and movements in exchange rates or raw material prices can impact results, the Board is currently confident that the Group will meet its expectations for the financial year ending 30 September 2018.”