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Highlights
CAM's revenue rose to GBP 107.7 million, while loss before tax improved to GBP 10.4 million compared with GBP 11.0 million in H1 2024.
Cash and liquid assets increased to GBP 81.7 million, supported by asset disposals and shareholder distributions of GBP 18.9 million.
Agricultural operations expanded, including 92 additional hectares planted at the Tanzanian avocado farm and growth in mature hectarage to 49,400 hectares.
Camellia plc (LSE:CAM) has announced its half-year results for the six months ended 30 June 2025 (HY25), alongside an update on its agricultural operations and the ongoing Value Enhancement Plan (VEP). The Group confirmed that seasonality continues to influence financial outcomes, with most revenues weighted toward the second half of the year. The Board currently anticipates higher full-year revenues and improved trading performance in 2025 compared with 2024.
Financial Results
Revenue for the first half of 2025 was GBP 107.7 million, up from GBP 105.1 million in the prior year. Trading loss for the period was GBP 9.6 million compared with a loss of GBP 9.7 million in H1 2024. EBITDA loss widened to GBP 6.2 million from GBP 1.9 million in the previous year.
Loss before tax was GBP 10.4 million, a modest improvement on the GBP 11.0 million reported in H1 2024. Loss attributable to shareholders decreased to GBP 11.8 million from GBP 13.6 million. Net assets at 30 June 2025 stood at GBP 312.4 million, down from GBP 347.7 million at 31 December 2024, primarily due to shareholder distributions, losses during the period, and translation losses from overseas subsidiaries.
Cash and liquid assets rose significantly to GBP 81.7 million from GBP 21.3 million at year-end 2024, supported by asset disposals and capital management initiatives. Proceeds of GBP 11.2 million were generated through the sale of a tea estate, properties, and collections. Distributions to shareholders totalled GBP 18.9 million via a tender offer, on-market share buybacks, and the final dividend. The final ordinary dividend of 260 pence per share, equivalent to GBP 6.6 million, was approved at the AGM in respect of the 2024 financial year.
Operational Developments
The Group advanced its Value Enhancement Plan (VEP), announced in May 2025, aimed at improving overall performance and delivering sustainable shareholder returns. Key initiatives included strengthening liquidity through disposals of non-core and non-operating assets and further investment in agriculture.
Mature hectarage increased to 49,400 hectares at 30 June 2025 from 48,500 hectares at year-end 2024, while immature hectarage decreased to 4,600 hectares. Investment continued at the Tanzanian avocado farm, with an additional 92 hectares planted, bringing the total to 448 hectares out of a planned 650 hectares.
The Group is also progressing with diversification initiatives, including trials of new crops, and announced new Managing Director appointments in India and Bangladesh to support regional growth.
Corporate Update
During the first half of the year, five properties were sold, generating proceeds of GBP 8.8 million and profit of GBP 1.6 million. Systematic sales of collections and manuscripts delivered GBP 0.8 million of proceeds and GBP 0.4 million profit. A further GBP 2.9 million was realised from equity investments, slightly above carrying value.
Currency movements affected results, with the weakening of the US dollar leading to GBP 3.4 million of losses on strategic reserve holdings.
