Camellia trading ahead of expectations as CEO steps down

6th May 2022 13:02

(Sharecast News) - 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.