Avocado and tea grower Camellia (LSE:CAM) reported flat profits on modest sales growth for the first half of 2025, underpinned by progress on its 'value enhancement plan' (VEP) and further non-core disposals.
Revenues came in at £107.7 million, up 2.5% from a year earlier, while trading losses were broadly flat at £9.6 million, reflecting the seasonal weighting of its agricultural operations. A pre-tax loss of £10.4 million was down from £11.0 million a year ago.
The group ended the half with £81.7 million in cash and liquid assets, strengthened by £11.2 million of asset sales, including tea estates and properties.
Launched in May, the VEP aims to sharpen focus on core farming operations, reduce risk and generate sustainable profitability.
Camellia continues to invest in growth crops such as avocados in Tanzania and irrigation upgrades in Brazil, while returning £18.9 million to shareholders through a tender offer, buybacks and dividend.
House broker Panmure Liberum said Camellia was making a transition towards profitability and a stronger balance sheet.