M.P. EVANS GROUP
PLC
FINAL RESULTS
2023
M.P. Evans Group PLC ("M.P. Evans",
"the Group" or "the Company"), a producer of sustainable Indonesian
palm oil, announces its results for the year ended 31 December
2023.
The Group's 2023 annual report is
available on its website at www.mpevans.co.uk.
HIGHLIGHTS
Operational
- Total
crop processed up 7% to 1.6 million tonnes (2022 - 1.5 million
tonnes)
- 95% of
total crop processed in Group mills, with six Group mills
operational for almost entire year
- CPO
production in Group mills up 22% to 362,100 tonnes (2022 - 297,400
tonnes)
- All
six Group mills producing certified output by end of
2023
- Further increase in sustainable crude palm oil ("CPO"), up to
233,400 tonnes (2022 - 218,300 tonnes)
- Acquisition of more than 10,000 planted hectares during the
year
- Planting at Musi Rawas estate passes 10,000-hectare
target
Financial
- Results affected by lower CPO price environment when compared
to exceptionally high prices during 2022
- Average mill-gate price for Group CPO US$729 per tonne (2022
US$854 per tonne)
- Revenue for the year US$307.4 million (2022 US$326.9
million)
- Operating profit US$75.3 million (2022 US$101.6
million)
- Operating cash generation US$107.0 million (2022 US$129.5
million)
- Earnings per share 78.1 pence (2022 - 108.0 pence)
- Dividend for the year 45p per share (2022 - 42.5p per share)
with proposed final dividend of 32.5p per share (2022 - 30p per
share)
Commenting on the results, Peter Hadsley-Chaplin, chairman of
M.P. Evans, said: "The Group has
made further significant progress in delivering its strategy in
2023. 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.
Profit and cash generation remain
strong and form 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."
Enquiries:
M.P. Evans Group PLC
|
+44
(0)1892 516333
|
Peter Hadsley-Chaplin
|
Executive chairman
|
Matthew Coulson
|
Chief executive
|
Luke Shaw
|
Chief financial officer
|
|
|
Cavendish Capital Markets Limited (Nomad and sole
broker)
|
+44
(0)20 7220 0500
|
Matt Goode, George Lawson (corporate
finance)
|
|
Tim Redfern, Harriet Ward (equity
capital markets)
|
|
|
|
Hudson Sandler (Financial PR)
|
+44
(0)20 7796 4133
|
Charlie Jack, Charlotte Cobb,
Francis Kerrigan
|
|
A presentation for analysts will be
held today at 9.30am at the offices of Hudson Sandler at 25
Charterhouse Square, London, EC1M 6AE.
CHAIRMAN'S STATEMENT
Results
The Group achieved a commendable
gross profit of US$78.5 million in 2023, a gross margin of 26%.
This was, inevitably, lower than the record highs seen in the
previous year, caused by the exceptionally strong palm-oil price
environment prevailing, particularly during the first half of 2022.
However, the Group was able, yet again, to increase both crop and
production during the course of the year and this, combined with a
stable pricing environment, at healthy levels by historic
standards, enabled the Group to deliver another strong
result.
Earnings per share were 78.1p, lower
than the 108.0p recorded in 2022. The higher crop and production in
the year was more than offset by the lower price environment when
compared to the exceptional circumstances in the previous period.
However, Group operations continue to be significantly cash
generative and, over the course of 2023, net operating cash of
US$83.6 million was produced. The Group has successfully deployed
funds on strategic acquisitions during the year, with a focus on
long-term growth. Notwithstanding this, the Group continues to
recognise the importance of progressive dividends.
Dividend
An interim dividend of 12.5p per
share (2022 - 12.5p per share) was paid on 3 November 2023 and the
board is recommending a final dividend of 32.5p per share (2022 -
30p per share). The total figure of 45p per share represents, once
again, an increase in the normal, annual dividend payable to
shareholders and continues the Group's unbroken track record, which
can be traced back for more than thirty years, of maintaining or
increasing normal dividends. The continuing increase in dividend
distributions indicates the board's ongoing confidence in the
long-term prospects for the Group. Both crop and production
increased in 2023 in accordance with the Group's expectations and,
in particular, with an increased proportion of production coming
from Group milling facilities. The anticipated trend of further
increases, supported by the investments made in the year, forms a
sound basis for the proposed dividend.
Share buyback
In addition to dividend
distributions, during 2023, the Group operated a share-buyback
programme, deploying a total of US$9.7 million (2022 US$4.9
million) to purchase, and subsequently cancel, 991,198 (2022 -
495,365) of the Company's 10p shares. This represented 1.8% (2022 -
0.9%) of the issued share capital. This served to enhance earnings
per share and the programme has continued in 2024.
Strategic developments
During the course of 2023, the Group
successfully deployed its long-standing strategy to be a
responsible producer of certified sustainable Indonesian palm oil.
The Group developed and expanded its operations in several ways
during the year in furtherance of its growth strategy, with
continuing investment in its existing estates, and by acquiring
further planted hectarage to support its longer-term
ambitions.
The planted area at the Group's
existing estates continued to increase in 2023, and the initial
target of 10,000 planted hectares at the Musi Rawas estate in South
Sumatra was achieved by the middle of the year. By the year end,
10,300 hectares had been planted there, and the management team is
confident that they can work towards an expanded total area of
11,000 planted hectares by the end of 2024. The increased hectarage
at Musi Rawas will, as it matures, provide additional crop to the
newly opened Group mill on site, which began operation in February
2023. This is the Group's sixth palm-oil mill, representing a
substantial strategic investment in recent years. As a result of
this investment, 95% of the Group's 1.6 million tonnes of total
crop were processed in Group mills in 2023.
The Group has also increased its
total planted hectarage through acquisition during the year, making
good use of its accumulated funds and financial strength to make
strategic investments, securing additional planted areas close to
its existing estates. In March 2023, the Group acquired 2,100
planted hectares close to its Simpang Kiri estate in Aceh Province
of northern Sumatra and, in November 2023, the Group acquired a
further 8,350 planted hectares in East Kalimantan, near to the
Group's existing Kota Bangun property. In both cases, the
acquisition cost was below US$10,000 per planted, Group-owned,
hectare. Whilst, on acquisition, the properties were not of the
same high standards as existing Group areas, management are
confident that they will be able to improve yields and add
substantial value over time.
Sustainability
As a responsible producer of
certified sustainable palm oil, the Group is committed to obtaining
accreditation for its mills as soon as possible once they have been
commissioned. By the end of the year, all six of the Group's mills
had been certified to sell CPO as sustainable in accordance with
the requirements of the International Sustainability and Carbon
Certification ("ISCC") scheme and, as a result, was in receipt of
sustainability credits at all its milling locations. As a
long-standing member of the RSPO, the Group also seeks to obtain
RSPO certification at all mills. At the end of 2023, four mills had
obtained accreditation, and since the end of the year, confirmation
of accreditation has been received for a fifth mill. The Group is
aiming to complete the RSPO audit and certification process at its
final mill during 2024.
The Group is committed to increasing
the amount of sustainability-based disclosures it provides and,
over the course of the last year, has published separate TCFD and
ESG reports. The Group has published a carbon balance sheet, and
measured carbon intensity based on emissions per tonne of CPO
produced. Targets have been set for carbon reduction, with an
ultimate objective of achieving net zero by 2050 and, by 2023, the
Group has achieved a 19% reduction in total emissions from its
baseline year of 2021. Carbon intensity has reduced from 8.9 in
2021 to 5.9 in 2023.
Operational developments
The total crop processed by the
Group increased in the year to 1,622,900 tonnes (2022 - 1,511,700
tonnes), an increase of 7%. This was consistent with the Group's
expectations, with the largest part of the increase coming from
independent purchases following the opening of the Musi Rawas mill
in the early part of the year.
|
2023
|
Increase/
(decrease)
|
2022
|
|
Tonnes
|
%
|
Tonnes
|
Crop
|
|
|
|
Own crops
|
|
|
|
Kota Bangun
|
249,100
|
14
|
219,400
|
Bangka
|
138,200
|
(17)
|
167,200
|
Pangkatan group
|
185,000
|
(4)
|
192,500
|
Bumi Mas
|
156,400
|
(6)
|
166,700
|
Musi Rawas
|
128,900
|
20
|
107,600
|
Simpang Kiri
|
64,500
|
24
|
52,000
|
Nusantara
|
800
|
-
|
-
|
|
922,900
|
2
|
905,400
|
Scheme-smallholder crops
|
|
|
|
Kota Bangun
|
100,400
|
10
|
91,000
|
Bangka
|
85,200
|
(7)
|
91,200
|
Pangkatan group
|
2,600
|
189
|
900
|
Bumi Mas
|
29,700
|
(3)
|
30,600
|
Musi Rawas
|
60,200
|
16
|
52,000
|
Simpang Kiri
|
300
|
-
|
-
|
Nusantara
|
100
|
-
|
-
|
|
278,500
|
5
|
265,700
|
Independent crop purchased
|
|
|
|
Kota Bangun
|
132,000
|
(31)
|
191,700
|
Bangka
|
108,600
|
73
|
62,800
|
Pangkatan group
|
52,600
|
35
|
39,100
|
Bumi Mas
|
59,500
|
27
|
47,000
|
Musi Rawas
|
68,800
|
-
|
-
|
|
421,500
|
24
|
340,600
|
Total crop
|
1,622,900
|
7
|
1,511,700
|
The Group is committed to increasing
its CPO and PK production capacity as much as possible, and opened
its sixth palm-oil mill in 2023. As a result, 95% of the 1.6
million tonnes of total crop was processed in a Group mill,
resulting in a 22% increase in output from Group mills to 362,100
tonnes. With the benefit of more crop being processed in Group
mills, total production increased by 11%, more than the 7% increase
in crop processed.
|
|
Increase/
|
|
|
2023
|
(decrease)
|
2022
|
|
|
|
|
Production - crude palm oil
|
Tonnes
|
%
|
Tonnes
|
Group mills
|
|
|
|
Kota Bangun
|
112,000
|
(1)
|
112,800
|
Bangka
|
76,800
|
2
|
75,100
|
Pangkatan group
|
54,500
|
2
|
53,300
|
Bumi Mas
|
56,800
|
4
|
56,200
|
Musi Rawas
|
60,200
|
-
|
-
|
|
362,100
|
22
|
297,400
|
Third-party mills
|
|
|
|
Musi Rawas
|
1,600
|
(95)
|
32,600
|
Simpang Kiri
|
14,600
|
25
|
11,700
|
Nusantara
|
200
|
-
|
-
|
|
16,400
|
(63)
|
44,300
|
|
378,500
|
11
|
341,700
|
Production - palm kernels
|
|
|
|
Group mills
|
|
|
|
Kota Bangun
|
24,200
|
2
|
23,800
|
Bangka
|
19,000
|
3
|
18,400
|
Pangkatan group
|
12,400
|
2
|
12,200
|
Bumi Mas
|
10,300
|
7
|
9,600
|
Musi Rawas
|
11,400
|
-
|
-
|
|
77,300
|
21
|
64,000
|
Third-party mills
|
|
|
|
Musi Rawas
|
400
|
(95)
|
7,500
|
Simpang Kiri
|
2,900
|
26
|
2,300
|
|
3,300
|
(66)
|
9,800
|
|
80,600
|
9
|
73,800
|
|
|
|
|
Extraction rates - crude palm oil
|
%
|
%
|
%
|
Group mills
|
|
|
|
Kota Bangun - Bumi Permai
|
24.4
|
5
|
23.3
|
Kota Bangun - Rahayu
|
21.3
|
-
|
21.2
|
Bangka
|
23.1
|
(1)
|
23.4
|
Pangkatan group
|
22.7
|
(1)
|
22.9
|
Bumi Mas
|
23.9
|
4
|
23.0
|
Musi Rawas
|
24.1
|
-
|
-
|
|
23.4
|
2
|
22.9
|
Third-party mills
|
|
|
|
Musi Rawas
|
20.5
|
-
|
20.4
|
Simpang Kiri
|
22.5
|
-
|
22.5
|
Nusantara
|
20.0
|
-
|
-
|
Extraction rates - palm kernels
|
|
|
|
Group mills
|
|
|
|
Kota Bangun - Bumi Permai
|
5.5
|
8
|
5.1
|
Kota Bangun - Rahayu
|
4.3
|
2
|
4.2
|
Bangka
|
5.7
|
-
|
5.7
|
Pangkatan group
|
5.2
|
-
|
5.2
|
Bumi Mas
|
4.2
|
8
|
3.9
|
Musi Rawas
|
4.5
|
-
|
-
|
|
5.0
|
2
|
4.9
|
Musi Rawas
|
4.7
|
-
|
4.7
|
Simpang Kiri
|
4.5
|
-
|
4.5
|
Nusantara
|
4.5
|
-
|
-
|
Planting continued throughout the
year at Musi Rawas in South Sumatra. The initial target of 10,000
planted hectares was achieved by the middle of the year and, by the
year end, the Group had planted a total of 690 hectares to bring
the total planted area up to 10,332 hectares. Planting is
continuing in 2024, with a revised target of 11,000
hectares.
The Group acquired 2,100 planted
hectares at Simpang Kiri in early 2023, and has made significant
progress since the acquisition in improving the quality of those
areas. As part of its investment for the long term, the Group
expects to replant approximately half of the acquired area. During
2023, 300 hectares were replanted, and the Group has invested in
sufficient nursery material to replant the remainder. Management
expects to complete the remaining replanting during 2024 and
2025.
In addition to the acquisition at
Simpang Kiri, the Group acquired 8,350 planted hectares in East
Kalimantan towards the end of 2023. The Group expects to have the
opportunity for further planting alongside the acquired areas, and
is working with environmental consultants to review what may be
achievable.
In its more mature Pangkatan
plantations in North Sumatra, the Group has continued its
replanting programme, and 170 hectares were replanted during the
year. Furthermore, the Group has continued to work in North Sumatra
to support the formation of new co-operative schemes, and more
members joined those schemes during the year. A further 200
hectares were replanted, bringing the total area included in the
North Sumatran smallholder schemes up to 1,350 hectares.
Current trading and prospects
The total crop processed by the
Group for the first two months of 2024 was 245,700 tonnes, an
increase of 16% from the same period in 2023. Whilst the Group had
experienced a relatively low-cropping period in the early months of
2023, the current year has started more strongly, and almost all
Group locations are ahead of the prior year. The Group may
experience some delayed effect of the extended dry-weather, El
Niño-type, conditions, that were seen in the latter part of 2023,
on cropping levels in the second half of 2024. However, the Group's
geographic diversity across Sumatra and East Kalimantan helps to
mitigate against this risk.
Independent crop purchases are a
little lower than in the same period of 2023. This is partly a
reflection of the Group being able to increase mill utilisation
with its own crop and that from associated scheme smallholders, but
also a sign of increasing competition for independent ffb in some
locations.
|
2 months
ended
|
Increase/
|
2 months
ended
|
|
29 February
2024
|
(decrease)
|
28
February 2023
|
|
Tonnes
|
%
|
Tonnes
|
Own crops
|
143,600
|
23
|
116,300
|
Smallholder crop
|
43,200
|
23
|
35,100
|
Outside crop purchased
|
58,900
|
(4)
|
61,300
|
|
245,700
|
16
|
212,700
|
As reported above, CPO prices were
relatively stable during 2023, with the Group achieving an average
mill-gate price of US$729 per tonne. This price stability has
continued into the early part of 2024, with some price
strengthening as the period continued. In early March, the Group
has achieved some tender prices of a little over US$800 per
tonne.
The Group continues to make progress
on the integration of the estates in East Kalimantan acquired
towards the end of 2023. On acquisition, some of the planted area
had been neglected and was not immediately available for harvest.
Whilst work remains ongoing, significant progress has been made on
clearing those areas and bringing them into harvest. In addition,
the Group is working with external consultants to assess the
potential to plant additional hectarage in the acquired
areas.
Since the year end, the Group's
sustainability team have continued to work on securing Group
certifications and, in February 2024, the Musi Rawas mill received
its certification for the production of RSPO-certified palm
oil.
The board continues to be firmly of
the view that sustainable palm oil, as a high-yield and low-cost
product, will continue to offer attractive returns, and that the
prospects for the Group remain very positive.
Board and senior management changes
As already reported in both the 2022
annual report and the 2023 interim report, there were a number of
changes to board and senior management appointments over the course
of 2023. We were pleased to welcome Lee Yuan Zhang on 1 February
2023 as a non-executive director and, on 1 August 2023, Luke Shaw
was promoted to the board as its chief financial officer. In
addition, Philip Fletcher retired from the board on 31 July 2023,
having worked with the Group for over 40 years, and everyone at M.P
Evans sends their best wishes to Philip in his
retirement.
Also, on 31 July 2023, K Chandra
Sekaran retired as president director of PT Evans Indonesia, the
Group's Indonesian management company, and at the same time
transitioned from an executive to a non-executive role on the Group
board. Chandra is also continuing in a part-time advisory role at
PT Evans. Following Chandra's retirement, Ravichandran
Krisnapillay, who had previously been serving as director of
operations, was promoted to president director of the Group's
Indonesian operations with effect from 1 August 2023.
Turning to my own role, I have, for
some time, served as the Group's executive chairman. Whilst
relatively unusual to have a chairman serve in an executive
capacity, the approach taken by the Group has received the support
of our shareholders, and I have received the unanimous support of
my board colleagues and senior management, enabling me to fulfil
this role to the best of my abilities. In addition, as a board, we
operate within the corporate governance requirements of the QCA
Code. With a well-established strategy, a strong executive team in
place both in the UK and in Indonesia, and in discussion with my
board colleagues, I have concluded that the time is right for me to
transition my role from that of an executive chairman to a
non-executive chairman. Whilst my new role will naturally be a less
hands-on one, I nonetheless plan to maintain my strong and close
links with my colleagues, with our shareholders, principal advisers
and other key stakeholders. Steps are already in place to begin
this transition, which will officially be effective from 1 July
2024.
Summary
The Group has delivered on its
stated strategy once again in 2023. Group-managed hectarage has
increased by 20%, which bodes well for its long-term prosperity,
and crop and production continue to increase, with almost all
production coming from our own mills. We continue to prioritise our
commitment to being a responsible producer and demonstrate this
commitment in everything that we do. None of our achievements would
be possible without the hard work, loyalty and dedication of the
many thousands who are employed by the Group, whether in the head
offices in the UK and Jakarta, or in the estates across Indonesia.
On behalf of the board, I would like to thank all of them, and we
look forward together to the Group's exciting future.
Peter Hadsley-Chaplin
Chairman
CONSOLIDATED INCOME STATEMENT
For
the year ended 31 December 2023
|
2023
|
2022
|
|
US$'000
|
US$'000
|
Continuing operations
|
|
|
Revenue
|
307,368
|
326,917
|
Cost of
sales
|
(228,915)
|
(217,707)
|
Gross
profit
|
78,453
|
109,210
|
Gain/(loss) on
biological assets
|
551
|
(1,431)
|
Foreign-exchange
loss
|
(1,188)
|
(3,444)
|
Other
administrative expenses
|
(5,443)
|
(4,614)
|
Other
income
|
2,923
|
1,865
|
Operating profit
|
75,296
|
101,586
|
Finance
income
|
1,348
|
1,395
|
Finance
costs
|
(3,810)
|
(2,731)
|
Profit before
tax
|
72,834
|
100,250
|
Tax on profit on
ordinary activities
|
(18,826)
|
(24,073)
|
Profit after
tax
|
54,008
|
76,177
|
Share of
associated companies' profit after tax
|
2,390
|
2,184
|
Profit for the year
|
56,398
|
78,361
|
|
|
|
Attributable to:
|
|
|
Owners of M.P. Evans Group
PLC
|
52,487
|
73,060
|
Non-controlling interests
|
3,911
|
5,301
|
|
56,398
|
78,361
|
|
|
|
|
US
cents
|
US
cents
|
Continuing operations
|
|
|
Basic earnings
per 10p share
|
97.6
|
133.9
|
Diluted earnings
per 10p share
|
97.2
|
133.4
|
|
|
|
|
Pence
|
Pence
|
Basic earnings per 10p share
|
|
|
Continuing
operations
|
78.1
|
108.0
|
CONSOLIDATED BALANCE SHEET
As
at 31 December 2023
Company number: 1555042
|
|
|
|
2023
|
2022
|
|
US$'000
|
US$'000
|
Non-current assets
|
|
|
Goodwill
|
17,083
|
11,767
|
Other intangible assets
|
1,012
|
1,167
|
Property, plant and
equipment
|
486,915
|
411,658
|
Investments in associates
|
10,003
|
11,795
|
Investments
|
59
|
61
|
Deferred-tax asset
|
1,138
|
989
|
Trade and other
receivables
|
8,875
|
9,146
|
|
525,085
|
446,583
|
Current assets
|
|
|
Biological assets
|
3,788
|
3,089
|
Inventories
|
24,155
|
23,112
|
Trade and other
receivables
|
23,853
|
32,681
|
Current-tax asset
|
8,673
|
2,290
|
Current-asset investments
|
270
|
-
|
Cash and cash equivalents
|
39,324
|
82,503
|
|
100,063
|
143,675
|
Total assets
|
625,148
|
590,258
|
|
|
|
Current liabilities
|
|
|
Borrowings
|
21,009
|
17,364
|
Trade and other payables
|
27,547
|
24,410
|
Current-tax liability
|
6,279
|
4,455
|
|
54,835
|
46,229
|
Net
current assets
|
45,228
|
97,446
|
Non-current liabilities
|
|
|
Borrowings
|
33,413
|
31,675
|
Deferred-tax liability
|
19,398
|
13,538
|
Retirement-benefit
obligations
|
12,429
|
9,972
|
|
65,240
|
55,185
|
Total liabilities
|
120,075
|
101,414
|
Net
assets
|
505,073
|
488,844
|
|
|
|
Equity
|
|
|
Share capital
|
9,062
|
9,179
|
Other reserves
|
53,263
|
54,543
|
Retained earnings
|
422,748
|
407,460
|
Equity attributable to the owners of
|
|
|
M.P. Evans Group PLC
|
485,073
|
471,182
|
Non-controlling interests
|
20,000
|
17,662
|
Total equity
|
505,073
|
488,844
|
CONSOLIDATED CASH-FLOW STATEMENT
For
the year ended 31 December 2023
|
2023
|
2022
|
|
US$'000
|
US$'000
|
Net
cash generated by operating activities
|
83,642
|
102,288
|
|
|
|
Investing activities
|
|
|
Acquisition of subsidiaries, net of
cash acquired
|
(34,516)
|
-
|
Purchase of property, plant and
equipment
|
(38,282)
|
(33,714)
|
Purchase of intangible
assets
|
(25)
|
(116)
|
Interest received
|
600
|
622
|
(Increase)/decrease in receivables
from smallholder
co-operatives
|
(6,161)
|
1,714
|
Bank deposits treated as
current-asset investments
|
(266)
|
-
|
Proceeds on disposal of property,
plant and equipment
|
6,997
|
3,055
|
Net
cash used by investing activities
|
(71,653)
|
(28,439)
|
|
|
|
Financing activities
|
|
|
Repayment of borrowings
|
(17,405)
|
(22,009)
|
Lease liability payments
|
-
|
(38)
|
Dividends paid to Company
shareholders
|
(28,188)
|
(28,500)
|
Dividends paid to non-controlling
interest
|
(155)
|
(124)
|
Issue of Company shares
|
-
|
191
|
Buyback of Company shares
|
(9,678)
|
(4,902)
|
Net
cash used by financing activities
|
(55,426)
|
(55,382)
|
|
|
|
Net
(decrease)/increase in cash and cash equivalents
|
(43,437)
|
18,467
|
|
|
|
Net
cash and cash equivalents at 1 January
|
82,503
|
65,609
|
Effect of foreign-exchange rates on
cash and cash
|
|
|
equivalents
|
258
|
(1,573)
|
Cash and cash equivalents at 31 December
|
39,324
|
82,503
|
Notes
1. Dividends paid and
proposed
|
2023
|
2022
|
|
US$'000
|
US$'000
|
2023 interim dividend - 12.5p per
10p share (2022 interim dividend 12.5p)
|
8,153
|
7,611
|
2022 final dividend - 30p per 10p
share (2021 final dividend 25p)
|
20,035
|
17,227
|
2021 special dividend - 5p per 10p
share
|
-
|
3,662
|
|
28,188
|
28,500
|
Following the year end, the board
has proposed a final dividend for 2023 of 32.5p per 10p share,
amounting to US$17.3 million.
|
2023
|
2022
|
Ex-dividend date
|
25 April
2024
|
27 April
2023
|
Record date
|
26 April
2024
|
28 April
2023
|
Dividend payable on or
after
|
19 June
2024
|
16 June
2023
|
2. Basic and diluted earnings per
share
The calculation of earnings per 10p
share is based on:-
|
|
2023
|
|
2022
|
|
2023
|
Number
|
2022
|
Number
|
|
US$'000
|
of
shares
|
US$'000
|
of
shares
|
Profit for the year attributable to
the owners
|
|
|
|
|
of M.P. Evans Group
PLC
|
52,487
|
|
73,060
|
|
Average number of shares in
issue
|
|
53,753,331
|
|
54,579,591
|
Diluted average number of shares in
issue*
|
|
53,981,990
|
|
54,754,110
|
|
|
|
|
|
| |
*The difference between the number of
shares in issue and the diluted number of shares relates to
unexercised share options held by directors and key employees of
the Group.
3. Financial information
The financial information has been
derived from the Company's audited accounts but does not itself
constitute statutory accounts within the meaning of section 435 of
the Companies Act 2006. The statutory accounts for the financial
year ended 31 December 2023 have been reported on by the Group's
auditors, BDO LLP, and will be filed with the Registrar of
Companies. The report of the auditors thereon was unqualified and
did not contain a statement under section 498(2) or (3) of the
Companies Act 2006, nor did it contain any matters to which the
auditors drew attention without qualifying their audit
report.
4. International Accounting
Standards
This announcement is based on the
Group's financial statements which were prepared in accordance with
UK-adopted International Accounting Standards.
5. Distribution timetable
The Group's 2023 annual report is
available on the Group's website and will be despatched to
shareholders on or before 5 April 2024. Printed copies of the
Group's 2023 annual report will be available from the Company, 3
Clanricarde Gardens, Tunbridge Wells, Kent TN1 1HQ. The annual
general meeting will be held on Friday 14 June
2024.
By order of the board
Katya Merrick
Company secretary