TIDMMPE

RNS Number : 7548T

M. P. Evans Group PLC

21 March 2023

M.P. Evans Group PLC (the "Company")

Replacement: Final Results

The following amendment has been made to the 'Final Results' announcement released on 21 March 2023 at 07:00am under RNS number 5845T

The ex-dividend date will be 27 April 2023 as opposed to 27 April 2022

The record date will be 28 April 2023 as opposed to 28 April 2022

The dividend will be payable on or after 16 June 2023 as opposed to 16 June 2022.

All other details remain unchanged.

The full amended text is shown below:

M.P. EVANS GROUP PLC

M.P.Evans Group PLC ("MP Evans", "the Group" or "the Company"), producer of sustainable Indonesian palm oil, announces its results for the year ended 31 December 2022.

The Group's 2022 annual report is available on its website at www.mpevans.co.uk .

Highlights

Financial

- Gross profit for the year up by 5% to US$109.2 million (2021 US$103.6 million)

- Operating profit down by 11%* to US$101.6 million (2021 US$114.6 million)

- Average mill-gate price for Group crude palm oil ("CPO") up by 5% to US$854 per tonne (2021 US$810 per tonne)

- Sustainability premia increased to US$7.5 million (2021 US$4.3 million)

- Operating cash generation up by 21% to US$132.2 million (2021 US$109.2 million)

- Net cash at year end US$33.5 million (2021 net debt of US$5.4 million)

- Basic EPS down by 7%* to 108.0 pence (2021 - 115.6 pence)

- 21% increase in normal dividend for the year to 42.5p per share (2021 - 35p per share) with proposed final dividend of 30p per share (2021 final dividend 25p per share)

*2021 results benefited from one-off gain on land sale of US$13.9 million

Operational

- Total crop processed up 11% to 1.5 million tonnes

- 100% of Group and scheme-smallholder crop grown to sustainability standards

- 64% of total output currently certified sustainable, up from 55% in 2021

- Group crops up to 905,000 tonnes, a 12% increase

- Planting at youngest estate, Musi Rawas, approaching 10,000-hectare target

- Crude-palm-oil production up 9% to 342,000 tonnes

Post year end

- Group's sixth palm-oil mill, at Musi Rawas, started production in February 2023

- Further 2,100 planted hectares acquired close to Simpang Kiri estate in March 2023

Commenting on the results, Peter Hadsley-Chaplin, executive chairman of MP Evans , said: "The Group has produced another set of excellent operational and financial results. Crop and production have increased once again and, as we celebrate our 150-year anniversary, we have also reached the milestone of processing 1.5 million tonnes of fresh fruit bunches. The Group remains focused on long-term and sustainable growth, and has both acquired further planted hectarage and started production at another Group palm-oil mill since the end of the year.

Profit and cash generation have remained strong, the Group has eliminated net debt, and now has net funds in place to support continued investment and shareholder returns. The board is recommending a final dividend of 30p per share, bringing total dividends for the year to 42.5p per share, up more than 20% from the 35p normal dividends paid in respect of the previous year, and a further step forward in the Group's long-standing progressive dividend policy."

Enquiries:

 
 M.P. Evans Group PLC                  +44 (0)20 7796 4133 on 21 March 
                                        2023 only 
                                       Thereafter +44 (0)1892 516333 
 Peter Hadsley-Chaplin, Chairman 
 Matthew Coulson, Chief executive 
 Luke Shaw, Chief financial officer 
 
 Peel Hunt LLP (Nomad and joint 
  broker)                              +44 (0)20 7418 8900 
 Dan Webster, Andrew Clark, Lalit 
  Bose 
 
 finnCap (Joint broker)                +44 (0)20 7220 0500 
 Tim Redfern, Harriet Ward 
 
 Hudson Sandler (Financial PR)         +44 (0)20 7796 4133 
 Charlie Jack, Francis Kerrigan, 
  Amelia Craddock 
 
 

An analysts' meeting will be held today at 9.30am at the offices of Hudson Sandler, 25 Charterhouse Square, London EC1M 6AE, 020 7796 4133.

Results

The Group achieved a gross profit of US$109.2 million, higher than the US$103.6 million recorded in 2021, representing an all-time record. Average palm-oil prices were particularly strong once again in 2022 and these, combined with an increase in production, offset some inflationary cost pressures, most notable in the fertiliser inputs required to maintain healthy and productive palms across our estates. Earnings per share were 108.0p, a little lower than the 115.6p in 2021, which benefited from the one-off profit of US$13.9 million from the sale of non-core land in Malaysia. The Group has continued to be significantly cash generative, with net operating cash generated of US$102.3 million in the year, enabling the Group to continue with capital investment, eliminate net debt, and prioritise progressive shareholder returns.

Dividend

An interim dividend of 12.5p per share (2021 - 10p per share) was paid on 4 November 2022, and the board is recommending a final dividend of 30p per share (2021 - 25p per share). This represents another year of increasing normal dividends, up by 7.5p from 2021, and a substantial increase of 93% from the amount paid two years ago.

Dividends have accelerated in recent years as the Group's operational cash flows have strengthened due to the increasing maturity of the Group's operations. The Group has an unbroken track record, spanning more than thirty years, of maintaining or increasing dividends, and the anticipated trend of increasing crop and production forms a sound basis for further dividend increases.

150-year anniversary

During 2023 the Group is proud to be marking its 150-year anniversary, having traced its origins back to the early 1870s. The Group is holding several celebratory events, both in Indonesia and in the UK during the year, including an AGM at Mansion House in London followed by a celebratory lunch, to which shareholders are invited. Places for the lunch are limited and registration is required. Further information is included in the investor pages of the Group's website.

Palm-oil market

CPO prices were at historically high levels in the first half of 2022, reaching a peak of almost US$2,000 per tonne cif Rotterdam following the outbreak of war between Ukraine and Russia, and concern over reductions in sunflower oil supplies from Ukraine. Pricing moderated somewhat in the second half of the year, but palm oil was attractive given the, at times, wide discount to soya oil of up to US$400 per tonne. The Group does not receive the full benefit of the high quoted CPO prices. Its net mill-gate price is received on a tender basis, which is after adjustments to take account of the Indonesian export tax and levy, as well as transport and insurance costs. Over the course of 2022, the average mill-gate price received for the Group's CPO was US$854 per tonne, 5% higher than the US$810 per tonne in 2021.

Prices for palm kernels also increased in 2022, particularly in the early part of the year, following a similar pattern to CPO pricing. The Group's palm kernels sold for an average price of US$611 per tonne in the year, 15% higher than the US$533 per tonne in 2021.

Strategic developments

During 2022, the Group continued to execute its principal activity, being the responsible ownership, management and development of sustainable oil-palm estates in Indonesia. Alongside its own projects, the Group also manages and develops scheme-smallholder areas attached to those estates. The Group's objective is to continue increasing both its own crop and that from its scheme smallholders, whilst also increasing its own milling capacity, thereby increasing its output of certified sustainable palm oil. As Group areas mature, its strategy is to increase the planted hectarage controlled by it. Milling its own crop and that of its scheme smallholders in its own mills enables the Group to deploy its operational expertise to greatest effect with the aim of generating stronger returns, allowing shareholders to receive sustained increases in dividends.

Throughout the course of 2022, the Group had five operational palm-oil mills, with a sixth under construction at Musi Rawas. The mill at Musi Rawas opened in February 2023 and will now process all of the crop from that estate and start to take in additional crop from independent suppliers to maximise its utilisation. All the Group's palm-oil mills are accredited as certified sustainable producers as soon as possible after commissioning, although it can take time to complete the necessary independent audit and approval checks. All of the Group's ffb, and that of its scheme smallholders, are grown to the same high standards and in a sustainable way.

Following the year end, the Group has been successful in acquiring an additional 2,100 planted hectares close to its estate at Simpang Kiri in Aceh Province in northern Sumatra. This is in line with the Group's strategy of continuing to increase its planted area through the acquisition of further hectarage, initially within the vicinity of its existing projects. It is likely that, in time, the Group will build a further palm-oil mill to process the fruit from this enlarged estate. After the acquisition at Simpang Kiri, the Group remains committed to its growth strategy, and a number of further projects remain under review.

Sustainability

The Group is committed to the production of certified sustainable palm oil, and sustainability is at the core of its strategic and operational decision-making. All the Group's estates are developed and managed sustainably, but independent certification enabling the sale of the Group's production as sustainable palm oil is awarded to the Group's mills. Certified sustainable sales rose significantly in 2022 to almost two thirds of the total, an increase of approximately 50,000 tonnes from the previous year. As the Group continues to grow, by adding milling capacity, maximising the yield from its existing areas and seeking additional sustainably managed areas to provide further Group crop for those mills, its ambition is to continue elevating its sustainable output towards 100%.

The Group received sustainability premia of US$7.5 million (2021 US$4.3 million), another increase reflecting both the demand for certified sustainable production and the Group's ability to deliver more of its own certified output. CPO and palm kernels ("PK") are sold with both RSPO and ISCC certifications depending on demand and where the best premia can be achieved. The average premia for CPO when sold as certified oil was US$16.90 per tonne (2021 US$17.40), whilst demand for sustainable PK was particularly strong in 2022 following high demand for sustainably sourced cosmetic products, with average premia for PK sold as certified up to US$91.80 per tonne (2021 US$55.20).

Operational developments

The total crop processed by the Group increased in the year to 1,511,700 tonnes (2021 - 1,366,200 tonnes), an overall increase of 11%. This was in line with the Group's growth plans, and a result of both the long-term investment made by the Group in Indonesian oil palm and the commitment to operational excellence by the Group's agronomic management teams.

 
                                                Increase/ 
                                        2022    (decrease)        2021 
                                      Tonnes        %           Tonnes 
 Crop 
 Own crops 
                Kota Bangun          219,400       13          194,300 
                Bangka               167,200       10          152,300 
                Pangkatan group      192,500        8          179,000 
                Bumi Mas             166,700        1          165,700 
                Musi Rawas           107,600       55           69,400 
                Simpang Kiri          52,000        6           49,000 
--------------------------------  ----------                ---------- 
                                     905,400       12          809,700 
--------------------------------  ----------                ---------- 
 Scheme-smallholder crops 
                Kota Bangun           91,000        5           86,300 
                Bangka                91,200       13           80,800 
                Pangkatan group          900        -                - 
                Bumi Mas              30,600        2           29,900 
                Musi Rawas            52,000       61           32,300 
--------------------------------  ----------                ---------- 
                                     265,700       16          229,300 
--------------------------------  ----------                ---------- 
 Independent crop purchased 
                Kota Bangun          191,700       (9)         210,600 
                Bangka                62,800      (20)          78,200 
                Pangkatan group       39,100        9           35,900 
                Bumi Mas              47,000      1,780          2,500 
                                     340,600        4          327,200 
--------------------------------  ----------                ---------- 
 Total crop                        1,511,700       11        1,366,200 
--------------------------------  ----------                ---------- 
 

The Group is committed to increasing its CPO and PK production capacity as much as possible. The Group's crops and those of its scheme smallholders are of a high standard, and the Group seeks to maximise the margins available to it by milling that crop and selling the oil and kernels for itself. With the benefit of having five Group mills operational throughout the year, total CPO production increased by 9% to 341,700 tonnes, and PK production was up by 10% to 73,800 tonnes.

 
                                                       Increase/ 
                                                2022   (decrease)      2021 
 
 Production                                   Tonnes       %         Tonnes 
 Crude palm oil 
                Kota Bangun                  112,800      (1)       114,400 
                Bangka                        75,100       1         74,200 
                Pangkatan group               53,300       10        48,600 
                Bumi Mas with mill            56,200      170        20,800 
------------------------------------------  --------               -------- 
                                             297,400       15       258,000 
------------------------------------------  --------               -------- 
                Bumi Mas pre mill                  -       -         23,100 
                Musi Rawas                    32,600       57        20,800 
                Simpang Kiri                  11,700       6         11,000 
------------------------------------------  --------               -------- 
                                              44,300      (19)       54,900 
                                             341,700       9        312,900 
------------------------------------------  --------               -------- 
 Palm kernels 
                Kota Bangun                   23,800       5         22,700 
                Bangka                        18,400       3         17,800 
                Pangkatan group               12,200       8         11,300 
                Bumi Mas with mill             9,600      182         3,400 
------------------------------------------  --------               -------- 
                                              64,000       16        55,200 
------------------------------------------  --------               -------- 
                Bumi Mas pre mill                  -       -          5,000 
                Musi Rawas                     7,500       60         4,700 
                Simpang Kiri                   2,300       5          2,200 
------------------------------------------  --------               -------- 
                                               9,800      (18)       11,900 
------------------------------------------  --------               -------- 
                                              73,800       10        67,100 
------------------------------------------  --------               -------- 
 
 
 Extraction rates                                  %       %              % 
 Crude palm oil 
                Kota Bangun - Bumi Permai       23.2      (2)          23.8 
                Kota Bangun - Rahayu            21.2      (6)          22.5 
                Bangka                          23.4      (2)          23.8 
                Pangkatan group                 22.9       1           22.6 
                Bumi Mas                        23.0       1           22.8 
                                                22.9      (2)          23.3 
------------------------------------------  --------               -------- 
                Bumi Mas                           -       -           21.6 
                Musi Rawas                      20.4       -           20.4 
                Simpang Kiri                    22.5       -           22.5 
------------------------------------------  --------               -------- 
 Palm kernels 
                Kota Bangun - Bumi Permai        5.1       4            4.9 
                Kota Bangun - Rahayu             4.2       -            4.2 
                Bangka                           5.7       -            5.7 
                Pangkatan group                  5.2      (2)           5.3 
                Bumi Mas                         3.9       5            3.7 
                                                 4.9      (2)           5.0 
------------------------------------------  --------               -------- 
                Bumi Mas                           -       -            4.7 
                Musi Rawas                      4.67       2            4.6 
                Simpang Kiri                     4.5       -            4.5 
------------------------------------------  --------               -------- 
 

At Musi Rawas, planting continued throughout 2022. All planting is performed in compliance with the environmental standards published by the RSPO. The Group planted 585 hectares at Musi Rawas in 2022, bringing the total planted area there to 9,600 hectares, and the Group expects to achieve its initial target of achieving a total planted area of 10,000 hectares during 2023.

In North Sumatra and Aceh, the Group has made significant progress during the year on the formation of new co-operative schemes and financing replanting of areas of oil palm for members of those schemes. By the end of 2022, a total of 1,147 hectares had been replanted as part of these schemes, both at Pangkatan and Simpang Kiri. In addition, 64 hectares of the Group's own oil palm were replanted at Pangkatan during the year.

At the end of 2022, the Group managed 54,100 hectares of planted oil palm from its own and associated scheme-smallholder areas, 93% of which were mature and in harvest, and the average yield per mature planted hectare had increased to 23 tonnes.

Group valuation

An independent valuation of the Group's plantations was performed at the end of the year, valuing the Group's planted areas at an average of US$20,700 per hectare. After allowing for other Group assets and liabilities, this equity value per share had increased during the year to GBP14.98 per share. The Group did benefit, in sterling terms, from a weaker year-end exchange rate when compared to the position at the end of 2021, accounting for GBP1.58 of the increase.

Current trading and prospects

The Group has made a positive start to 2023, and total crop processed in the first two months of the year was 213,000 tonnes, 8% higher than in the first two months of 2022. The benefits of the significant investment made by the Group in its Indonesian estates continue to be felt, and, barring any unforeseen circumstances, the long-term trend of increasing crop is expected to continue as the Group moves further into 2023. The new mill at Musi Rawas began processing Group crop in February 2023, and after a short period of stabilisation, will soon start to take in crop from outside suppliers, only adding further to the Group's ability to process crop and increase production.

 
                           2 months ended    Increase/    2 months ended 
                              28 February   (decrease)  28 February 2022 
                                     2023 
                                   Tonnes            %            Tonnes 
------------------------  ---------------  -----------  ---------------- 
 Own crops                        116,300          (1)           116,900 
 Smallholder crop                  35,100            -            35,000 
 Outside crop purchased            61,300           38            44,300 
                                  212,700            8           196,200 
------------------------  ---------------  -----------  ---------------- 
 

CPO pricing remained stable in the early part of 2023, and the Group enjoyed mill-gate prices in a relatively narrow band around US$750 per tonne, similar to those achieved in the latter part of 2022, although sales prices have increased above US$800 per tonne for recent contracts. Whilst these are lower than the unusually high prices seen in the early part of 2022, the Group remains confident that, at these price levels, it will be able to deliver further significant profits and cash generation.

Since the year end, the Group has announced the acquisition of 2,100 planted hectares close to its Simpang Kiri project in Aceh Province, northern Sumatra, bringing the total planted area, including that of associated scheme smallholders, to 4,800 hectares. Although the existing area at Simpang Kiri has been both highly productive and profitable for many years, it has not been worthwhile to construct our own mill there, and Group crop has been sent for outside processing. Whilst some of the newly acquired hectarage will require a certain amount of replanting and rehabilitation, as crop from the combined area increases, this is likely, in time, to warrant the construction of an additional Group mill. At that point all of the Group's estates would have their own mills.

Palm oil continues to be, by volume of supply and consumption, the largest of the vegetable oils produced globally and of the major vegetable oils is the most efficient to produce when measured by tonnes of oil per hectare of land. The board is of the belief that sustainably produced palm oil will continue to be in demand for the foreseeable future, and that Group prospects therefore remain positive.

Peter Hadsley-Chaplin

Chairman

CONSOLIDATED INCOME STATEMENT

For the year ended 31 December 2022

 
                                                 2022        2021 
                                              US$'000     US$'000 
-----------------------------------------  ----------  ---------- 
 Continuing operations 
    Revenue                                   326,917     276,592 
    Cost of sales                           (217,707)   (172,979) 
-----------------------------------------  ----------  ---------- 
    Gross profit                              109,210     103,613 
    (Loss)/gain on biological assets          (1,431)       1,771 
    Profit on sale of land                          -      13,946 
    Foreign-exchange loss                     (3,444)       (820) 
    Other administrative expenses             (4,614)     (5,380) 
    Other income                                1,865       1,426 
-----------------------------------------  ----------  ---------- 
    Operating profit                          101,586     114,556 
    Finance income                              1,395         645 
    Finance costs                             (2,731)     (2,699) 
-----------------------------------------  ----------  ---------- 
    Profit before tax                         100,250     112,502 
    Tax on profit on ordinary activities     (24,073)    (23,228) 
-----------------------------------------  ----------  ---------- 
    Profit after tax                           76,177      89,274 
    Share of associated companies' 
     profit after tax                           2,184       2,508 
-----------------------------------------  ----------  ---------- 
 Profit for the year                           78,361      91,782 
-----------------------------------------  ----------  ---------- 
 
 Attributable to: 
 Owners of M.P. Evans Group PLC                73,060      86,406 
 Non-controlling interests                      5,301       5,376 
-----------------------------------------  ----------  ---------- 
                                               78,361      91,782 
-----------------------------------------  ----------  ---------- 
 
                                             US cents    US cents 
-----------------------------------------  ----------  ---------- 
 Continuing operations 
    Basic earnings per 10p share                133.9       158.4 
    Diluted earnings per 10p share              133.4       157.9 
-----------------------------------------  ----------  ---------- 
 
                                                Pence       Pence 
-----------------------------------------  ----------  ---------- 
 Basic earnings per 10p share 
    Continuing operations                       108.0       115.6 
-----------------------------------------  ----------  ---------- 
 

CONSOLIDATED BALANCE SHEET

As at 31 December 2022

 
 Company number: 1555042 
                                      2022     2021 
                                   US$'000  US$'000 
--------------------------------  --------  ------- 
 Non-current assets 
 Goodwill                           11,767   11,767 
 Other intangible assets             1,167    1,222 
 Property, plant and equipment     411,658  401,005 
 Investments in associates          11,795   13,242 
 Investments                            61       65 
 Deferred-tax asset                    989    3,602 
 Trade and other receivables         9,146   16,618 
--------------------------------  --------  ------- 
                                   446,583  447,521 
--------------------------------  --------  ------- 
 Current assets 
 Biological assets                   3,089    4,520 
 Inventories                        23,112   21,754 
 Trade and other receivables        32,681   41,892 
 Current-tax asset                   2,290    2,522 
 Cash and cash equivalents          82,503   65,609 
                                   143,675  136,297 
--------------------------------  --------  ------- 
 Total assets                      590,258  583,818 
--------------------------------  --------  ------- 
 
 Current liabilities 
 Borrowings                         17,364   20,531 
 Trade and other payables           24,410   31,200 
 Current-tax liability               4,455   12,219 
--------------------------------  --------  ------- 
                                    46,229   63,950 
--------------------------------  --------  ------- 
 Net current assets                 97,446   72,347 
--------------------------------  --------  ------- 
 Non-current liabilities 
 Borrowings                         31,675   50,517 
 Deferred-tax liability             13,538   11,417 
 Retirement-benefit obligations      9,972   12,886 
                                    55,185   74,820 
--------------------------------  --------  ------- 
 Total liabilities                 101,414  138,770 
--------------------------------  --------  ------- 
 Net assets                        488,844  445,048 
--------------------------------  --------  ------- 
 
 Equity 
 Share capital                       9,179    9,232 
 Other reserves                     54,543   55,467 
 Retained earnings                 407,460  366,825 
--------------------------------  --------  ------- 
 Equity attributable to the 
  owners of 
  M.P. Evans Group PLC             471,182  431,524 
 Non-controlling interests          17,662   13,524 
--------------------------------  --------  ------- 
 Total equity                      488,844  445,048 
--------------------------------  --------  ------- 
 

CONSOLIDATED CASH-FLOW STATEMENT

For the year ended 31 December 2022

 
                                               2022      2021 
                                            US$'000   US$'000 
----------------------------------------  ---------  -------- 
 Net cash generated by operating 
  activities                                102,288    92,272 
----------------------------------------  ---------  -------- 
 
 Investing activities 
 Purchase of property, plant 
  and equipment                            (33,714)  (32,510) 
 Purchase of intangible assets                (116)       (8) 
 Interest received                              622       316 
 Decrease in bank deposits treated 
  as current-asset 
 investments                                      -       334 
 Decrease in receivables from 
  smallholder co-operatives                   1,714    17,630 
 Proceeds on disposal of property, 
  plant and equipment                         3,055    15,125 
 Net cash (used by)/from investing 
  activities                               (28,439)       887 
----------------------------------------  ---------  -------- 
 
 Financing activities 
 Repayment of borrowings                   (22,009)  (34,636) 
 Lease liability payments                      (38)     (218) 
 Dividends paid to Company shareholders    (28,500)  (20,527) 
 Dividends paid to non-controlling 
  interest                                    (124)     (164) 
 Issue of Company shares                        191       827 
 Buyback of Company shares                  (4,902)         - 
----------------------------------------  ---------  -------- 
 Net cash used by financing 
  activities                               (55,382)  (54,718) 
----------------------------------------  ---------  -------- 
 
 Net increase in cash and cash 
  equivalents                                18,467    38,441 
 
 Net cash and cash equivalents 
  at 1 January                               65,609    27,222 
 Effect of foreign-exchange rates 
  on cash and cash 
 equivalents                                (1,573)      (54) 
----------------------------------------  ---------  -------- 
 Cash and cash equivalents at 
  31 December                                82,503    65,609 
----------------------------------------  ---------  -------- 
 

Notes

   1.             Dividends paid and proposed 
 
                                                US$'000   US$'000 
---------------------------------------------  --------  -------- 
 2022 interim dividend - 12.5p per 10p share 
  (2021 interim dividend 10p)                     7,611     7,377 
 2021 special dividend - 5p per 10p share         3,662         - 
 2021 final dividend - 25p per 10p share 
  (2020 final dividend 17p)                      17,227    13,150 
---------------------------------------------  --------  -------- 
                                                 28,500    20,527 
---------------------------------------------  --------  -------- 
 

Following the year end, the board has proposed a final dividend for 2022 of 30p per 10p share, amounting to US$19.4 million.

 
                                         2023           2022 
 Ex-dividend date                    27 April       28 April 
                                         2023           2022 
 Record date                         28 April       29 April 
                                         2023           2022 
 Dividend payable on or after    16 June 2023   17 June 2022 
 
   2.             Basic and diluted earnings per share 

The calculation of earnings per 10p share is based on:-

 
                                                     2022                   2021 
                                        2022       Number      2021       Number 
                                     US$'000    of shares   US$'000    of shares 
----------------------------------  --------  -----------  --------  ----------- 
 Profit for the year attributable 
  to the owners 
  of M.P. Evans Group PLC             73,060                 86,406 
 Average number of shares 
  in issue                                     54,579,591             54,564,864 
 Diluted average number of 
  shares in issue*                             54,754,110             54,710,139 
----------------------------------  --------  -----------  --------  ----------- 
 

*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 2022 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 2022 annual report is available on the Group's website and will be despatched to shareholders on or before 31 March 2023. Printed copies of the Group's 2022 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 9 June 2023.

By order of the board

Katya Merrick

Company secretary

LEI number: 2138003IBXJUCR4SZG26

Enquiries:

 
 M.P. Evans Group PLC                  +44 (0)20 7796 4133 on 21 March 
                                        2023 only 
                                       Thereafter +44 (0)1892 516333 
 Peter Hadsley-Chaplin, Chairman 
 Matthew Coulson, Chief executive 
 Luke Shaw, Chief financial officer 
 
 Peel Hunt LLP (Nomad and joint 
  broker)                              +44 (0)20 7418 8900 
 Dan Webster, Andrew Clark, Lalit 
  Bose 
 
 finnCap (Joint broker)                +44 (0)20 7220 0500 
 Tim Redfern, Harriet Ward 
 
 Hudson Sandler (Financial PR)         +44 (0)20 7796 4133 
 Charlie Jack, Francis Kerrigan, 
  Amelia Craddock 
 
 

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END

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(END) Dow Jones Newswires

March 21, 2023 11:17 ET (15:17 GMT)

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