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Anglo-Eastern Plantations posts rise in earnings, launches buyback
(Sharecast News) - Anglo-Eastern Plantations reported a sharp rise in first-half earnings on Monday, supported by stronger crude palm oil (CPO) and palm kernel prices, higher sales volumes and robust external crop intake. For the six months ended 30 June, group revenue rose 39% year-on-year, gross profit increased 76% and profit before tax was up 78%.
The average ex-mill CPO price achieved was $863 per tonne, up 15%, while palm kernel prices averaged $738 per tonne, an 80% increase.
Anglo-Eastern ended the period with $244.7m in cash and no bank borrowings.
Chairman Jonathan Law said the results reflected "higher sales volume and CPO prices, as well as strong external crop intake" and that the board expected CPO prices to "remain robust in the coming months", supporting a positive performance in the second half.
The board said it intended to declare an interim dividend by the end of the third quarter.
It also launched a new share buyback programme of up to £8m, running until 30 June 2026 or its 2026 annual general meeting if earlier.
The board said the shares were undervalued relative to the group's fundamentals and growth potential, and that repurchases would aim to enhance earnings per share and deliver greater value to remaining shareholders.
Anglo-Eastern said Cavendish Capital Markets would manage the programme on a discretionary basis, with shares bought under existing shareholder authority and held in treasury.
The company noted that daily purchases could represent a significant proportion of trading volumes and may exceed 25% of the stock's average daily volume on the London Stock Exchange.
At 1501 BST, shares in Anglo-Eastern Plantations were up 8.11% at 1,040p.
Reporting by Josh White for Sharecast.com.
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