M. P. Evans Group (MPE)

Sector:

Food

Index:

FTSE AIM 50

842.00p
   
  • Change Today:
      2.00p
  • 52 Week High: 874.00
  • 52 Week Low: 670.00
  • Currency: UK Pounds
  • Shares Issued: 52.98m
  • Volume: 170,507
  • Market Cap: £446.09m
  • RiskGrade: 143

MP Evans posts strong growth in crops, production

By Josh White

Date: Friday 19 Jan 2024

LONDON (ShareCast) - (Sharecast News) - Indonesian palm oil producer MP Evans Group reported growth in its crop and production figures for 2023 on Friday, with a 2% rise in its own crops of fresh fruit bunches to 922,900 tonnes.
The AIM-traded firm said scheme-smallholder crops also saw a positive trend, with a 5% rise to 278,500 tonnes.

Additionally, the company's independent crops purchased increased significantly, up by 24% to 421,500 tonnes, making for overall growth of 7% in total fresh fruit bunches for the year, to 1,622,900 tonnes.

On the production front, MP Evans reported an 11% increase in crude palm oil to 378,500 tonnes, and a 9% rise in palm kernel production, totaling 80,600 tonnes.

The steady growth was put down to a commitment to operational excellence and investments in milling capacity, which saw a 20% increase in planted hectarage during the year.

Despite a slight decrease in the average mill-gate price for crude palm oil, which slid 15% over the year to $729 per tonne from $854 in 2022, the company noted that it was still receiving prices of over $700 per tonne.

MP Evans said it was focussed on sustainability, with six palm-oil mills and 95% of the total reported crop being processed in a group mill.

The company also expected certification for its newest mill at Musi Rawas following the completion of its sustainability audit.

MP Evans also described a strong financial performance for 2023, generating substantial operating cash inflows.

The company paid dividends of more than $28m during the year, in addition to using around $10m for its share buyback programme, enhancing earnings per share.

Furthermore, MP Evans invested in its long-term growth by acquiring over 10,000 planted hectares, including those managed for associated scheme smallholders, to expand its plantation portfolio.

With a history spanning over 30 years of maintaining or increasing annual dividends, the board said it was committed to that policy.

"The group made another stride forward in 2023, with crop and production both increasing," said chairman Peter Hadsley-Chaplin.

"Importantly, following a period of significant investment, almost all crops are now processed in group milling facilities."

Hadsley-Chaplin said the firm was starting to see the benefits in increasing extraction rates, which would provide further support to what would be a strong result for 2023.

"Looking to the future, the group has delivered on its stated aim of adding further hectarage close to its existing projects, which will support further growth into 2024 and beyond."

At 1018 GMT, shares in MP Evans Group were up 2.47% at 748p.

Reporting by Josh White for Sharecast.com.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

MPE Market Data

Currency UK Pounds
Share Price 842.00p
Change Today 2.00p
% Change 0.24 %
52 Week High 874.00
52 Week Low 670.00
Volume 170,507
Shares Issued 52.98m
Market Cap £446.09m
RiskGrade 143

MPE Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
88.82% above the market average88.82% above the market average88.82% above the market average88.82% above the market average88.82% above the market average
92.59% above the sector average92.59% above the sector average92.59% above the sector average92.59% above the sector average92.59% above the sector average
Price Trend
36.12% above the market average36.12% above the market average36.12% above the market average36.12% above the market average36.12% above the market average
21.43% above the sector average21.43% above the sector average21.43% above the sector average21.43% above the sector average21.43% above the sector average
Income
81.59% above the market average81.59% above the market average81.59% above the market average81.59% above the market average81.59% above the market average
85.71% above the sector average85.71% above the sector average85.71% above the sector average85.71% above the sector average85.71% above the sector average
Growth
52.43% below the market average52.43% below the market average52.43% below the market average52.43% below the market average52.43% below the market average
3.7% below the sector average3.7% below the sector average3.7% below the sector average3.7% below the sector average3.7% below the sector average

What The Brokers Say

Strong Buy 1
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 1
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

MPE Dividends

  Latest Previous
  Final Interim
Ex-Div 25-Apr-24 12-Oct-23
Paid 19-Jun-24 03-Nov-23
Amount 32.50p 12.50p

Trades for 14-Jun-2024

Time Volume / Share Price
10:53 55,000 @ 838.00p
10:56 35,000 @ 839.67p
16:37 43,000 @ 871.34p
16:35 18 @ 842.00p
16:35 2 @ 842.00p

MPE Key Personnel

CEO Matthew Coulson
CFO Luke Alexander

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