CAMELLIA PLC - HY26 Results

Camellia PLC’s latest investor update highlights a significant improvement in first-half 2026 financial performance, continued progress on its Value Enhancement Plan and a clear focus on operational efficiency, risk reduction and long-term growth. Revenue from continuing operations was £104.6 million, while the seasonal trading loss narrowed to £5.0 million from £9.6 million, driving a substantial improvement in adjusted loss before tax to £3.3 million from £12.9 million. EBITDA also improved from a £6.2 million loss to a £19.3 million profit. Stronger yields, pricing and cost control supported improved performance across several tea operations, particularly in India, Bangladesh and Kenya, although weaker avocado sales, macadamia pricing and higher input and logistics costs remain headwinds. Camellia also strengthened liquidity through its non-core asset disposal programme, generating £30.7 million of group disposal proceeds and £18.9 million of profit in the first half, with total liquidity of £133.2 million at June 2026. The company is progressing four growth projects spanning citrus, avocados, blueberries and arable production, while pursuing mechanisation, drone technology, solar generation and more efficient fertiliser use to improve operating efficiency. With the disposal programme substantially complete, Camellia is now focused on deploying capital selectively, reducing portfolio risk and building sustainable profitability. Management remains cautious on the full-year outlook given agricultural seasonality, commodity prices, input costs, logistics and potential weather impacts, but remains confident in the longer-term value enhancement strategy.