REG - M. P. Evans Group - Crop and production update

M P EvansAnnouncement

20/07/2023 07:00

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RNS Number : 5619G  M. P. Evans Group PLC  20 July 2023

M. P. EVANS GROUP PLC

("THE GROUP")

2023 H1 crop and production

M.P. Evans Group PLC, a producer of sustainable Indonesian palm oil, is
pleased to announce the following crop and production information for the six
months ended 30 June 2023.

 

                                            H1 2023  Increase/      H1 2022

                                                     (decrease)
                                      Tonnes         %              Tonnes
 Crop of fresh fruit bunches ("ffb")
 Own crops                            408,100        (5)            430,400
 Scheme-smallholder crops             124,900        (1)            126,400
 Independent crops purchased          188,100        26             148,900
                                      721,100        2              705,700

 Production*
 Crude palm oil ("CPO")               166,200        3              160,800
 Palm kernels ("PK")                  34,600         (1)            35,100

*- figures include production from the Group's crop sold to third-party mills.

The total crop of ffb processed by the Group in the first half of 2023 was 2%
higher than that processed in the same period of 2022. In the early part of
the year, as has been the case in previous years, the Group experienced some
seasonality in the crop recorded from its majority-owned areas and its
associated scheme smallholders, but compensated for this by purchasing more
crop from independent suppliers to process in its own mills. The Group
anticipates higher cropping levels as it moves into the second half of the
year. Production of CPO was up on the same period last year, and the Group
benefited from the opening of its mill at Musi Rawas in February 2023.

In the period to the end of June 2023, the Group realised an average CPO price
at mill gate of US$755 per tonne compared with US$1,035 in the first half of
2022, a decrease of 27%. Prices for PK averaged US$410 per tonne (mill gate),
lower than the US$830 per tonne in 2022. Sales prices for both CPO and PK were
exceptionally high during the first half of 2022 as commodity markets
responded to the outbreak of war between Russia and Ukraine.

 

Enquiries:

 M.P. Evans Group PLC  Telephone: +44 (0) 1892 516333

Peter Hadsley-Chaplin, chairman
Matthew Coulson, chief executive

Luke Shaw, chief financial officer

 

 Peel Hunt LLP (Nomad and joint broker)  Telephone: +44 (0) 20 7418 8900

Adrian Trimmings, Andrew Clark, Lalit Bose

 

 finnCap (Joint broker)  Telephone: +44 (0) 20 7220 0500

Tim Redfern, Harriet Ward

 

 Hudson Sandler  Telephone: +44 (0) 20 7796 4133

Charlie Jack, Amelia Craddock, Francis Kerrigan

 

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