By Anthony O. Goriainoff
Camellia PLC on Wednesday raised adjusted pretax profit guidance for 2022 as its agriculture division performed ahead of views in the fourth quarter and the outcome of pay negotiations in Bangladesh were significantly better than expected.
The London-listed agriculture, engineering and food-services company said that…
By Anthony O. Goriainoff
Camellia PLC on Wednesday raised adjusted pretax profit guidance for 2022 as its agriculture division performed ahead of views in the fourth quarter and the outcome of pay negotiations in Bangladesh were significantly better than expected.
The London-listed agriculture, engineering and food-services company said that the pay negotiations concluded with a government-mandated payment of 11,000 Bangladeshi taka ($103.6) per permanent worker and a 41.7% payment increase effective from August 2022.
“This is a significantly improved outcome than anticipated and will be reflected in our 2022 results,” it said.
The company said due to these factors it expects 2022 adjusted pretax profit to be around 10% below the 8.8 million pounds ($10.4 million) it reported in 2021.
On Dec. 7, the company guided for 2022 adjusted pretax profit–a metric which strips out exceptional and other one-off items–to be around 50% to 55% below 2021.
Camellia expects revenue for 2022 to be around GBP294 million, compared with GBP277.2 million in 2021.
Shares at 0801 GMT were flat at 4,850 pence.
Write to Anthony O. Goriainoff at [email protected]
