palm oil

Crop levels were hit by dry conditions in Indonesia in 2024

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MP Evans is set to report “strong” results for 2024 thanks to a boost to palm oil prices during the year.

The London-listed group received an average mill-gate price for its crude palm oil (CPO) of $823 per tonne in 2024, 13% higher than the $729 in the previous year.

Prices were “particularly robust” in the second half, with dispatches averaging approximately $950 per tonne in the past two months of 2024.

MP Evans said this high price environment continued to have a positive effect on the group’s revenue and profitability.

While prices had recently eased from these higher levels, sales in the early part of 2025 continued to be at higher than the 2024 average price, the business added.

Analysts at Panmure Liberum upgraded its pre-tax profits estimates for the year from $94m to $99m as a result of the trading update.

MP Evans flagged that the higher prices had been slightly offset by lower production of CPO as crop levels of fresh fruit bunches across Indonesia were hit by a lack of rain.

The group maintained its unbroken track record, spanning more than 30 years, of maintaining or increasing its annual dividend.

Chairman Peter Hadsley-Chaplin said: “The group has, once again, delivered excellent operational results in 2024, notwithstanding some weather-related challenges during the year.

“Combining this with the robust price environment, the group will deliver a strong result for 2024, enabling it, as a responsible palm-oil producer focused on excellence, to recommit to its strategic priorities to deliver continuing growth and an increasing yield.”

Morning update

Poundland owner Pepco is weighing up radical options for the the struggling UK discount chain, according to reports over the weekend.

Sky News revealed consultants from AlixPartners have been drafted in by Pepco to address the problems at the embatttled Poundland.

The story said Pepco would explore more fundamental solutions for Poundland, including a formal restructuring process that could prompt significant store closures, or even an attempt to sell the business.

Britvic has delisted from the London Stock Exchange this morning following the completion of the £3.3bn takeover by Carlsberg.

A new executive leadership team will now steer the newly formed Carlsberg Britvic as a private company.

The full story is available here at thegrocer.co.uk.

This week in the City

The majority of the Christmas trading updates are now out of the way, with just a handful remaining.

Primark owner Associated British Foods will give a steer for how it performed over the festive period as it publishes a first-quarter trading update on Thursday.

But first up, tomorrow, are the latest set of results from Mr Kipling to Bisto supplier Premier Foods and meat processor Cranswick, with both reporting Q3 numbers.

On Wednesday, over in the US, Procter & Gamble reports quarterly results.

And on Friday, the closely watched consumer confidence index from GfK is due out.