LONDON (ShareCast) - (Sharecast News) - Camellia said its avocado crop was better than last year but that the quality of its blueberries was disappointing and a full harvest would have to wait until 2021.
The agriculture producer and engineer said results for 2020 would be well below 2019 but that uncertainty over the impact of the Covid-19 crisis meant it could not give detailed guidance. Non-agriculture operations face a "very challenging" operating environment, the company warned.

Camellia said early indications from its Hass avocado crop were that volumes would be "substantially above" 2019. "While [avocado] prices in Europe weakened in recent weeks, we believe that they will improve as the season progresses," it said in a trading update.

After an encouraging first blueberry crop in Kenya in 2019 the company had expected a full harvest in autumn 2020 but results failed to match the size and flavour of last year. "The bushes ... have not developed as anticipated and our first full harvest is now expected in 2021," Camellia said.

Tea prices are mixed so far in 2020 and macadamia nuts have been affected by a decline in production, caused by hot summers, and lower demand. Lower tea volumes in India caused by torrential rain have increased prices but record volumes in Kenya have reduced prices there and in Malawi. In Bangladesh tea production is below expectations but prices are lower than last year.

Camellia did not declare a final dividend for 2019 and said it would review the payout at the time of its interim results. The company had £73.3m of cash and cash equivalents net of borrowings at the end of May and its investment portfolio was worth £47m.

The company's shares were down 0.6% to £79.50 at 16:29 BST.

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