M. P. Evans Group (MPE)

Sector:

Food

Index:

FTSE AIM 50

874.00p
   
  • Change Today:
      26.00p
  • 52 Week High: 882.11
  • 52 Week Low: 670.00
  • Currency: UK Pounds
  • Shares Issued: 52.98m
  • Volume: 40,889
  • Market Cap: £463.04m
  • RiskGrade: 143

MP Evans earnings fall in tougher market environment

By Josh White

Date: Tuesday 19 Mar 2024

LONDON (ShareCast) - (Sharecast News) - Sustainable palm oil producer MP Evans described a challenging market environment in its final results for 2023 on Tuesday, primarily due to a lower crude palm oil (CPO) price environment compared to the exceptionally high prices seen in 2022.
The AIM-traded firm said the average mill-gate price for group CPO dropped to $729 per tonne from $854 per tonne in the prior year.

As a result, revenue fell slightly to $307.4m from $326.9m year-on-year.

Operating profit fell to $75.3m from $101.6m, alongside a decrease in operating cash generation to $107m from $129.5m.

Earnings per share were reported at 78.1p, down from 108p in 2022.

Despite the financial downturn, the dividend for the year was hiked to 45p per share from 42.5p in 2022, with a proposed final dividend of 32.5p per share.

On the operational front, MP Evans said total crop processed increased 7% to 1.6 million tonnes, with 95% processed in group mills, all of which were operational throughout almost the entire year.

Notably, CPO production in group mills rose 22% to 362,100 tonnes, and by the end of 2023, all six group mills succeeded in producing certified output with regards to sustainability.

Sustainable CPO production saw a significant uptick, reaching 233,400 tonnes, up from 218,300 tonnes in 2022.

The year also saw an expansion in the group's agricultural footprint, with the acquisition of more than 10,000 planted hectares, while planting at the Musi Rawas estate surpassed the 10,000-hectare target.

"The group has made further significant progress in delivering its strategy in 2023," said chairman Peter Hadsley-Chaplin.

"We increased the amount of crop that was processed and, importantly, almost all that crop is processed in a group mill now that our sixth mill is up and running.

"We have secured a substantial increase in planted hectarage during the year, which will support our continuing growth, and we remain focused on opportunities for further sustainable development, both at our existing estates and as we continue to review additional acquisition prospects."

Hadsley-Chaplin said profit and cash generation remained strong, forming a "sound foundation" for the board's proposal to increase the final dividend for 2023 to 32.5p per share.

"This brings total dividends for the year up to 45p per share, another step forward in the group's long-standing progressive approach to shareholder returns."

At 1100 GMT, MP Evans Group shares were down 0.03% at 749.8p.

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 874.00p
Change Today 26.00p
% Change 3.07 %
52 Week High 882.11
52 Week Low 670.00
Volume 40,889
Shares Issued 52.98m
Market Cap £463.04m
RiskGrade 143

MPE Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
86.83% above the market average86.83% above the market average86.83% above the market average86.83% above the market average86.83% 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
45.38% above the market average45.38% above the market average45.38% above the market average45.38% above the market average45.38% 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
81.77% above the market average81.77% above the market average81.77% above the market average81.77% above the market average81.77% 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
52.71% below the market average52.71% below the market average52.71% below the market average52.71% below the market average52.71% 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 18-Jun-2024

Time Volume / Share Price
17:12 248 @ 873.56p
16:37 1,108 @ 874.00p
16:35 3,275 @ 874.00p
16:35 45 @ 874.00p
16:35 1 @ 874.00p

MPE Key Personnel

CEO Matthew Coulson
CFO Luke Alexander

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