Picture of M P Evans logo

MPE M P Evans News Story

0.000.00%
gb flag iconLast trade - 00:00
Consumer DefensivesBalancedMid CapSuper Stock

REG - M. P. Evans Group - Final Results

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250325:nRSY9535Ba&default-theme=true

RNS Number : 9535B  M. P. Evans Group PLC  25 March 2025

M.P. EVANS GROUP PLC

 

FINAL RESULTS 2024

 

RECORD PROFITS, RECORD DIVIDENDS, AND WELL PLACED FOR INCREASING RETURNS

 

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 2024. The Group has achieved record-breaking results for 2024,
supported by a year of tight control over operating costs, alongside
favourable crude-palm-oil pricing. Revenue, profitability and cash generation
are all up substantially on last year. Once again, despite some
weather-related challenges seen across Indonesia, the Group was able to
process 1.6 million tonnes of crop, almost all in the Group's six efficiently
operated palm-oil mills.

 

The Group's 2024 annual report is available on its website at
www.mpevans.co.uk (http://www.mpevans.co.uk) .

 

HIGHLIGHTS

 

Financial

 

-      Average mill-gate price for Group CPO US$823 per tonne (2023
US$729 per tonne)

-      Revenue for the year US$352.8 million (2023 US$307.4 million)

-      Operating profit US$115.7 million (2023 US$75.3 million)

-      Operating cash generation US$152.6 million (2023 US$103.1 million)

-      Earnings per share 129.6 pence (2023 - 78.1 pence)

-      Dividend for the year 52.5p per share (2023 - 45.0p per share)
with proposed final dividend of 37.5p per share (2023 - 32.5p per share)

 

Operational

 

-      Total crop processed maintained at 1.6 million tonnes

-      Six certified palm-oil mills in operation throughout year
processing 96% of total crop

-      Further increase in certified sustainable crude palm oil ("CPO"),
up to 257,000 (2023 - 233,400 tonnes)

-      Acquisition of minority interest in Group estates during the year
increasing effective ownership by 1,700 hectares

-      Planting continuing at Musi Rawas, as total area approaches 11,000
hectares, and planting programme started at recently acquired estate at Kota
Bangun

-      Increase in conservation hectarage, particularly mangrove forest
at Bumi Mas, and conservation area now 12% of planted land

-      Actively seeking new strategic acquisitions

 

Commenting on the results, Peter Hadsley-Chaplin, chairman of M.P. Evans,
said: "I am delighted that the Group is able to report such an excellent set
of results for 2024. Alongside record profits and a 17% increase in dividends
for the year, the Group's commitment to responsible operation is as strong as
ever. Our planted hectarage increased once again and we continue to plant new
areas to support future growth, whilst seeking further new suitable
acquisitions."

 

Enquiries:

 

 M.P. Evans Group PLC                                       +44 (0)1892 516333
 Peter Hadsley-Chaplin                                      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, Francis Kerrigan, Francesca Rosser

 

A presentation for analysts will be held today at 9.30am at the offices of
Hudson Sandler at 25 Charterhouse Square, London, EC1M 6AE.

 

CHAIRMAN'S STATEMENT

 

Results

 

The Group achieved a gross profit of US$116.6 million in 2024, almost 50%
higher than in the previous year, and an all-time record. This was, in the
main, a reflection of the higher crude-palm-oil ("CPO") price, at US$823 per
tonne mill-gate, 13% higher than last year, combined with an ongoing focus on
maintaining control over operational costs. In addition, the Group harvested
2% more crop from its own areas and those managed on behalf of its associated
scheme smallholders during the year, whilst the total crop processed by the
Group remained the same as last year at 1.6 million tonnes.

 

Earnings per share were 129.6p, significantly higher than the 78.1p recorded
in 2023. The high-price environment benefited the Group during the year, most
notably in the second half, along with lower operating costs, including from a
continued reduction in fertiliser costs. The Group generated a large amount of
operating cash, with net operating cash inflows of US$135.8 million (2023 -
US$79.7 million). This was put to good use in returning funds to shareholders,
continued capital investment, and eliminating Group net debt. At the end of
the year, the Group had net funds of US$46.4 million (2023 net debt of US$14.8
million).

 

Dividend

 

An interim dividend of 15p per share (2023 - 12.5p per share) was paid on 1
November 2024 and the board is recommending a final dividend of 37.5p per
share (2023 - 32.5p per share). The total figure of 52.5p per share (2023 -
45p per share) represents an increase in the annual dividend of 17% and is
another step forward in the Group's progressive dividend policy. The Group is
proud of its track record, stretching back for more than thirty years, of
maintaining or increasing normal dividends.

 

This further, significant, increase in dividend distributions reflects both
the step up in profitability achieved in 2024 and the board's continuing
confidence in the long-term prospects for the Group. Whilst crop and
production in 2024 were similar to the previous year, the Group's ongoing
ability to generate substantial cash inflows forms a sound basis for both
shareholder returns and further investment for the future.

 

Share buyback

 

Over the course of 2024, the Group maintained its share-buyback programme and,
by the end of the year, had deployed US$13.4 million (2023 - US$9.7 million)
to purchase, and subsequently cancel, 1,183,398 (2023 - 991,198) of the
Company's 10p shares. This represented 2.2% (2023 - 1.8%) of the issued share
capital. The buyback programme serves to enhance earnings per share and the
shareholder authorisation for it continues until the next annual general
meeting.

 

Strategic developments

 

In 2024, the Group was able to continue deploying and developing its strategy
of being a producer of certified sustainable Indonesian palm oil. Following a
period of extensive capital investment, the Group had, for the first time in
2024, six palm-oil mills in operation for the whole year. More specifically,
all six mills were able to produce certified sustainable crude palm oil
("CPO") throughout the year and, as a result, the proportion of the Group's
production qualifying as sustainable oil increased from 62% in 2023 to 69% in
2024. The Group's strategy, which will bring financial gains along with other
benefits, is to continue increasing this proportion. The Group expects to be
able to achieve this in three separate ways: firstly, by increasing the
efficient operation of its existing planted areas; secondly, by adding further
planted hectarage within the estates it already owns and operates; and,
thirdly, by acquiring additional planted hectarage close to the Group's
existing milling facilities, and suitable new acquisitions are being actively
sought.

 

In furtherance of the Group's strategy, the Group continued to plant new areas
during 2024, most significantly at its Musi Rawas project in South Sumatra
where a further 500 hectares were planted, bringing the total planted
hectarage for the Group and its associated scheme smallholders to 10,800
hectares there. The Group expects to surpass the updated 11,000-hectare target
in early 2025 and to continue planting thereafter. Every additional hectare
planted will, in due course, provide additional valuable further crop to the
Group's on-site mill, increasing the amount of sustainable output, reducing
reliance on outside suppliers, and be margin enhancing.

 

During 2024, the Group acquired the 5% minority interest in the majority of
its Indonesian subsidiary companies. As a result of this transaction, the
Group effectively acquired approximately 1,700 hectares of its own,
high-quality planted areas, and now owns 100% of all its Indonesian
operations, with the exception of its Bangka estate where there remains a 10%
minority partner. The Group paid US$9,000 per planted hectare for this
transaction, which compares favourably with the average year-end independent
valuation of the Group's majority-held areas of US$18,500 per hectare. Similar
to share buybacks, this transaction was immediately earnings enhancing, and
concentrates the interests of existing shareholders in the Group's operations.

 

As indicated in previous reports, the Group's recently acquired properties at
Kota Bangun will, over time, make a significant crop contribution to the
Group's two mills there. Even more encouragingly, after careful analysis,
working with the Group's environmental consultants, management have identified
some further areas suitable for planting within these properties, and a
planting programme began just before the end of 2024. Whilst there was only a
small amount completed before the end of the year, management have set a
target to achieve in excess of 1,000 hectares of new planting there before the
end of 2025.

 

The smallholder plantings which form part of the areas managed and harvested
by the Group remain an integral part of the Group's activities, and the Group
is committed to working in close partnership with all the smallholder
co-operatives at each of its estates. The Group purchases crop from the
smallholders at a fair price, and the Group and its associated smallholders
succeed and thrive together. The newest smallholder areas are connected to the
Group's estates in North Sumatra and Aceh and, over recent years,
approximately 1,600 hectares have been established, with over 250 hectares
planted during 2024. The Group provides initial funding to ensure that
planting can be done efficiently and without creating a financial burden for
the smallholder.

 

Sustainability

 

The production of certified sustainable output is a core part of the Group's
strategy, and throughout the year all six of the Group's mills have been
certified to sell sustainable CPO in accordance with the requirements of the
International Sustainability and Carbon Certification ("ISCC") scheme,
enabling it to receive additional sustainability income at all locations. In
addition, as a member of the Roundtable on Sustainable Palm Oil ("RSPO"), the
Group is committed to obtaining RSPO accreditation for all six of its mills.
By the end of 2024, five mills had received accreditation, with the Musi Rawas
mill being certified in the early part of the year. The RSPO audit took place
at the Bumi Mas mill in the latter part of 2024, and the Group aims to
complete the accreditation process during 2025. In addition, the Group took
the decision in 2024 to process only crop from Group-managed areas at its Bumi
Permai mill at Kota Bangun and, as a result, that mill has been certified to
process 'identity preserved' CPO by the RSPO. This may, in due course, lead to
increased sustainability premia being available at that location. The Group is
also committed to compliance with the upcoming EUDR which are due to be
implemented from the start of 2026. The Group is satisfied that the areas it
manages will be in compliance, and is already working with a key customer in
advance of the implementation of the new standards.

 

The Group is committed to increasing the amount of sustainability-based
disclosures it provides and, over the course of the last year, has published
separate TCFD and ESG reports. The Group has published a carbon balance sheet,
and measured carbon intensity based on emissions per tonne of CPO produced.
Targets have been set for carbon reduction, with an ultimate objective of
achieving net zero by 2050 and, by 2024, the Group has achieved a 36%
reduction in total emissions from its baseline year of 2021. Carbon intensity
has reduced from 8.9 in 2021 to 4.8 in 2024.

 

Operational developments

 

The total crop processed by the Group in 2024 was 1,608,900 tonnes, down by 1%
on the 1,622,900 tonnes in 2023. This reflected an increase in crop harvested
from areas managed by the Group, but this was more than offset by a decrease
in purchases from independent

suppliers.

 

 

 

                                                 2024         Increase/    2023

                                                              (decrease)
                                                 Tonnes       %            Tonnes
 Crop
 Own crops
                 Kota Bangun                     284,000      14           249,900
                 Bangka                          137,400      (1)          138,200
                 Pangkatan group                 168,600      (9)          185,000
                 Bumi Mas                        144,800      (7)          156,400
                 Musi Rawas                      136,100      6            128,900
                 Simpang Kiri                    66,100       2            64,500
                                                 937,000      2            922,900
 Scheme-smallholder crops
                 Kota Bangun                     105,500      5            100,500
                 Bangka                          81,400       (4)          85,200
                 Pangkatan group                 5,200        100          2,600
                 Bumi Mas                        29,200       (2)          29,700
                 Musi Rawas                      64,000       6            60,200
                 Simpang Kiri                    600          100          300
                                                 285,900      3            278,500
 Independent crops purchased
                 Kota Bangun                     144,200      9            132,000
                 Bangka                          91,400       (16)         108,600
                 Pangkatan group                 37,200       (29)         52,600
                 Bumi Mas                        39,800       (33)         59,500
                 Musi Rawas                      73,400       7            68,800
                                                 386,000      (8)          421,500
 Total crop                                      1,608,900    (1)          1,622,900

 

With six mills in operation throughout the year for the first time, the focus
is now on maximising their profitable utilisation and continued operational
excellence. The Group achieved the highest ever mill throughput of
Group-harvested crop during 2024, and its strategy is to continue increasing
utilisation from the Group's own areas. As a result, 96% of the 1.6 million
tonnes of total crop was processed in a Group mill.

 

 

                                                                      Increase/
                                                           2024       (decrease)  2023
 Production - crude palm oil                               Tonnes     %           Tonnes
 Group mills
                 Kota Bangun                               123,500    10          112,000
                 Bangka                                    70,200     (9)         76,800
                 Pangkatan group                           47,200     (13)        54,500
                 Bumi Mas                                  51,300     (12)        56,800
                 Musi Rawas                                64,000     6           60,200
                                                           356,200    (2)         362,100
 Third-party mills
                 Kota Bangun                               1,000      400         200
                 Musi Rawas                                -          -           1,600
                 Simpang Kiri                              15,000     3           14,600
                                                           16,000     (2)         16,400
                                                           372,200    (2)         378,500
 Production - palm kernels
 Group mills
                 Kota Bangun                               27,200     12          24,200
                 Bangka                                    17,800     (6)         19,000
                 Pangkatan group                           10,900     (12)        12,400
                 Bumi Mas                                  9,600      (7)         10,300
                 Musi Rawas                                12,500     10          11,400
                                                           78,000     1           77,300
 Third-party mills
                 Kota Bangun                               300        -           -
                 Musi Rawas                                -          -           400
                 Simpang Kiri                              3,000      3           2,900
                                                           3,300      -           3,300
                                                           81,300     1           80,600

 Extraction rates - crude palm oil                         %          %           %
 Group mills
                 Kota Bangun - Bumi Permai                 24.3       -           24.4
                 Kota Bangun - Rahayu                      22.1       4           21.3
                 Bangka                                    22.6       (2)         23.1
                 Pangkatan group                           22.4       (1)         22.7
                 Bumi Mas                                  24.0       -           23.9
                 Musi Rawas                                23.4       (3)         24.1
                                                           23.2       (1)         23.4
 Third-party mills
                 Kota Bangun                               18.3       (9)         20.0
                 Musi Rawas                                -          -           20.5
                 Simpang Kiri                              22.5       -           22.5
 Extraction rates - palm kernels
 Group mills
                 Kota Bangun - Bumi Permai                 5.6        2           5.5
                 Kota Bangun - Rahayu                      4.5        5           4.3
                 Bangka                                    5.7        -           5.7
                 Pangkatan group                           5.2        -           5.2
                 Bumi Mas                                  4.5        7           4.2
                 Musi Rawas                                4.6        2           4.5
                                                           5.1        2           5.0
                 Kota Bangun                               4.9        9           4.5
                 Musi Rawas                                -          -           4.7
                 Simpang Kiri                              4.4        (2)         4.5

 

Alongside its ambition to expand by purchasing further planted hectarage close
to its existing estates, the Group continued to grow by planting additional
areas, in a sustainable manner, in its existing properties, to ensure that
yields can be maximised and that the Group is doing all it can to supply
Group-harvested crop into its own milling facilities. In all cases, agreed
land compensation was paid to members of the local community before any
planting took place, based on the principles of free, prior and informed
consent. Furthermore, planting only took place on environmentally suitable
land, monitored by the Group's sustainability team, and in full compliance
with the principles set out by the RSPO.

 

At the Musi Rawas estate in South Sumatra, the Group was able to plant a
further 500 hectares during 2024 for itself and for the scheme smallholders,
bringing the total planted area to over 10,800 hectares. The Group expects to
surpass the revised 11,000-hectare target in 2025, and will continue planting
thereafter.

 

As previously reported, when the Group acquired an additional 2,100 hectares
at Simpang Kiri in 2023, it was based upon the expectation of replanting
approximately half the acquired area to support the estate's long-term crop
growth. By the end of 2023, the Group had replanted approximately 1,000
hectares. Whilst this replanted area will take time to start yielding and
thereafter to reach full maturity, this investment puts the Simpang Kiri
estate in a strong position to achieve future growth.

 

Also in 2023, the Group acquired over 8,000 planted hectares in East
Kalimantan which have now become part of the enlarged Kota Bangun project.
Since acquisition, management has been working with the Group's environmental
consultants to determine whether further planting may be possible in the
acquired areas. Towards the end of 2024, several environmentally suitable
areas were identified, and a planting programme began just before the end of
the year. The Group aims to complete 1,000 hectares of additional planting
before the end of 2025.

 

In North Sumatra, routine replanting in the mature plantations around the
Pangkatan mill continues, with a further 250 hectares replanted in the year.
In addition, in northern Sumatra (both at Pangkatan and Simpang Kiri), the
Group has continued to support the formation and planting to oil palm of
additional smallholder schemes, with a further 250 hectares planted in the
year bringing the total to 1,600 hectares. This, relatively new, project is
starting to 'bear fruit' with a total crop of 6,000 tonnes in 2024 and an
acceleration in production is expected in the coming years as more areas come
into maturity.

 

Current trading and prospects

 

The Group experienced good cropping levels from the areas managed for itself
and on behalf of its associated scheme smallholders during the first two
months of 2025, and almost all locations are ahead of the same period in 2024.
Total crop harvested from Group-owned areas was up 5%, and crop from
associated scheme smallholders up 16%, on the first two months of 2024.
Rainfall levels have been encouraging in most locations, although dry weather
did continue in the latter part of 2024 and into early 2025 in some areas of
East Kalimantan. As is always the case, the Group's geographic diversity
across much of Sumatra and East Kalimantan will continue to be of benefit,
particularly when it comes to the variability of weather patterns.

 

Continuing the trend observed in 2024, the Group purchased a lower level of
crop from outside suppliers in the first two months of 2025, down by 33%, once
again reflecting both the cost and quality constraints. At the same time, this
was consistent with the Group's plans to manage the mix of crop being
processed in its mills, and to take considered steps to manage and enhance
Group margins.

 

Overall, total crop processed in the first two months of 2025 was 239,600
tonnes. Details are set out in the following table:

 

 

                              2 months ended      Increase/     2 months ended
                              28 February 2025    (decrease)    29 February 2024
                              Tonnes              %             Tonnes
 Own crops                    150,100             5             143,600
 Scheme-smallholder crops     50,000              16            43,200
 Independent crops purchased  39,500              (33)          58,900
                              239,600             (2)           245,700

 

As reported above, the Group achieved an average mill-gate price for its CPO
of US$823 per tonne in 2024, which was 13% higher than in the previous year.
Whilst prices fell somewhat in the early part of 2025 from their elevated
levels seen towards the end of 2024, pricing has remained strong, and the
Group continues to receive mill-gate prices higher than the average achieved
for 2024. The average tender price for the Group's CPO in the first two months
of 2025 was US$870 per tonne.

 

The Group is continuing to plant new hectares, both for itself and for scheme
smallholders, in Sumatra and East Kalimantan, in early 2025. It is taking
steps towards further planting as the year progresses, including agreeing land
compensation, preparing areas for planting, and readying planting material in
on-site nurseries. As a result, the total planted area managed by the Group
will increase once again during 2025. Alongside these efforts, the Group is
actively seeking further planted areas through acquisition, and the Group's
healthy balance sheet and significant net funds puts it in a strong position.

 

Based on the encouraging start to 2025, the immediate and longer-term
prospects, the board remains firmly of the view that sustainable palm oil, as
a high-yield and low-cost product, will continue to be in demand and offer
attractive returns, and that, as a result, the prospects for the Group remain
very positive.

 

 

Peter Hadsley-Chaplin

Chairman

 

CONSOLIDATED INCOME STATEMENT

For the year ended 31 December 2024

 

                                                         2024        2023
                                                         US$'000     US$'000
 Continuing operations
     Revenue                                             352,839     307,368
     Cost of sales                                       (236,249)   (228,915)
     Gross profit                                        116,590     78,453
     Gain on biological assets                           1,847       551
     Foreign-exchange loss                               (23)        (1,188)
     Other administrative expenses                       (5,930)     (5,443)
     Other income                                        3,211       2,923
     Operating profit                                    115,695     75,296
     Finance income                                      1,236       1,348
     Finance costs                                       (3,441)     (3,810)
     Profit before tax                                   113,490     72,834
     Tax on profit on ordinary activities                (25,213)    (18,826)
     Profit after tax                                    88,277      54,008
     Share of associated companies' profit after tax     2,355       2,390
 Profit for the year                                     90,632      56,398

 Attributable to:
 Owners of M.P. Evans Group PLC                          87,851      52,487
 Non-controlling interests                               2,781       3,911
                                                         90,632      56,398

                                                         US cents    US cents
 Continuing operations
     Basic earnings per 10p share                        165.9       97.6
     Diluted earnings per 10p share                      165.1       97.2

                                                         Pence       Pence
 Basic earnings per 10p share
     Continuing operations                               129.6       78.1

 

 

CONSOLIDATED BALANCE SHEET

As at 31 December 2024

 

 Company number: 1555042
                                                          2024       2023
                                                          US$'000    US$'000
 Non-current assets
 Goodwill                                                 17,083     17,083
 Other intangible assets                                  852        1,012
 Property, plant and equipment                            480,983    486,915
 Investments in associates                                10,524     10,003
 Investments                                              61         59
 Deferred-tax asset                                       1,808      1,138
 Trade and other receivables                              -          8,875
                                                          511,311    525,085
 Current assets
 Biological assets                                        5,635      3,788
 Inventories                                              22,788     24,155
 Trade and other receivables                              20,847     23,853
 Current-tax asset                                        7,777      8,673
 Current-asset investments                                214        270
 Cash and cash equivalents                                79,223     39,324
                                                          136,484    100,063
 Total assets                                             647,795    625,148

 Current liabilities
 Borrowings                                               12,953     21,009
 Trade and other payables                                 33,122     27,547
 Current-tax liability                                    13,029     6,279
                                                          59,104     54,835
 Net current assets                                       77,380     45,228
 Non-current liabilities
 Borrowings                                               20,074     33,413
 Deferred-tax liability                                   22,007     19,398
 Retirement-benefit obligations                           13,141     12,429
                                                          55,222     65,240
 Total liabilities                                        114,326    120,075
 Net assets                                               533,469    505,073

 Equity
 Share capital                                            8,922      9,062
 Other reserves                                           53,887     53,263
 Retained earnings                                        462,938    422,748
 Equity attributable to the owners of MP Evans Group PLC  525,747    485,073
 Non-controlling interests                                7,722      20,000
 Total equity                                             533,469    505,073

 

CONSOLIDATED CASH-FLOW STATEMENT

For the year ended 31 December 2024

 

                                                        2024       2023
                                                        US$'000    US$'000
 Net cash generated by operating activities             135,800    79,674

 Investing activities
 Acquisition of subsidiaries, net of cash acquired      -          (34,516)
 Purchase of property, plant and equipment              (21,630)   (38,282)
 Purchase of intangible assets                          (24)       (25)
 Interest received                                      1,050      600
 Repayment of loans made to smallholder co-operatives   2,291      738
 New loans to smallholder co-operatives                 (1,608)    (2,931)
 Bank deposits treated as current-asset investments     44         (266)
 Proceeds on disposal of property, plant and equipment  548        6,997
 Net cash used by investing activities                  (19,329)   (67,685)

 Financing activities
 Acquisition of non-controlling interest                (6,000)    -
 New borrowings                                         637        -
 Repayment of borrowings                                (21,145)   (17,405)
 Dividends paid to Company shareholders                 (32,339)   (28,188)
 Dividends paid to non-controlling interest             (3,145)    (155)
 Issue of Company shares                                107        -
 Buyback of Company shares                              (13,367)   (9,678)
 Net cash used by financing activities                  (75,252)   (55,426)

 Net increase/(decrease) increase in cash and cash
   equivalents                                          41,219     (43,437)

 Net cash and cash equivalents at 1 January             39,324     82,503
 Effect of foreign-exchange rates on cash and cash
 equivalents                                            (1,320)    258
 Cash and cash equivalents at 31 December               79,223     39,324

Note - certain 2023 cash flows relating to balances with smallholder
co-operatives have been amended above for consistency with the current year
treatment.

 

Notes

 

1.    Dividends paid and proposed

                                                                          2024       2023
                                                                          US$'000    US$'000
 2024 interim dividend - 15p per 10p share (2023 interim dividend 12.5p)

                                                                          10,448     8,153
 2023 final dividend - 32.5p per 10p share (2022 final dividend 30p)      21,891     20,035
                                                                          32,339     28,188

 

Following the year, the board has proposed a final dividend for 2024 of 37.5p
per 10p, amounting to US$24.5 million. The dividend will be paid on or after
19 June 2025 to shareholders on the register at the close of business on 25
April 2025.

 

                               2024             2023
 Ex-dividend date              24 April 2025    25 April 2024
 Record date                   25 April 2025    26 April 2024
 Dividend payable on or after  19 June 2025     19 June 2024

 

2.    Basic and diluted earnings per share

 

The calculation of earnings per 10p share is based on:-

                                                                                    2024                     2032
                                    2024                                            Number        2023       Number
                                    US$'000                                         of shares     US$'000    of shares
 Profit for the year attributable to the owners
   of M.P. Evans Group PLC          87,851                                                        52,487
 Average number of shares in issue                                                  52,962,578               53,753,331
 Diluted average number of shares in issue*                                         53,223,589               53,981,990

 

*The difference between the number of shares in issue and the diluted number
of shares relates to unexercised share options held by directors and key
employees of the Group.

 

3.    Financial information

 

The financial information has been derived from the Company's audited accounts
but does not itself constitute statutory accounts within the meaning of
section 435 of the Companies Act 2006. The statutory accounts for the
financial year ended 31 December 2024 have been reported on by the Group's
auditors, BDO LLP, and will be filed with the Registrar of Companies. The
report of the auditors thereon was unqualified and did not contain a statement
under section 498(2) or (3) of the Companies Act 2006, nor did it contain any
matters to which the auditors drew attention without qualifying their audit
report.

 

4.    International Accounting Standards

 

This announcement is based on the Group's financial statements which were
prepared in accordance with UK-adopted International Accounting Standards.

 

5.    Distribution timetable

 

The Group's 2024 annual report is available on the Group's website and will be
despatched to shareholders on or before 11 April 2025. Printed copies of the
Group's 2024 annual report will be available from the Company, 3 Clanricarde
Gardens, Tunbridge Wells, Kent TN1 1HQ. The annual general meeting will be
held on Friday 13 June 2025.

 

 

 

By order of the board

Katya Merrick

Company secretary

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  FR JIMPTMTMTBAA

Recent news on M P Evans

See all news