Sent by email
We are pleased to inform you that this year’s harvest was completed on the 25th June with approximately 55,000 tonnes of fruit being harvested, producing 9.7 million litres of oil. This was slightly behind our internal forecast of 10.2 million litres. The crop was expected to be lower (as outlined in previous correspondence) due to the biennial nature of the production cycle of olive trees which usually deliver a large crop one year followed by a smaller crop the following year (this year). For comparison, in 2014 and 2015 we produced 7.9 million and 13.7 million litres of oil respectively. Pleasingly, the overall oil quality is again very high this year.
Once we have finalised year end management accounts in early August, we will send through a comprehensive report including expected full year profit and a more detailed operational update. In the meantime, we would like to advise the following that will, or has influenced the FY16 profit:
Taking all this into account it is likely that full year trading profit (pre tax) will be in the vicinity of $2 million and an operating cashflow surplus of approximately $12 million.
Please feel free to contact me at any time if you have any questions.