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Harvest Update

Harvest Update

By email

Dear Shareholders

HARVEST

We are pleased to inform you that this year’s harvest was completed on our company owned groves on the 8th of July (two weeks later than last year) with 89,000 tonnes of fruit being harvested, producing 13.2 million litres of oil, which was in line with our forecasts.  This compares to approximately 55,000 tonnes of fruit last year, producing 9.7 million litres of oil.  Although the fruit production was significantly above forecast, the oil accumulation in the fruit this year was a lot lower than average. This was due principally to seasonal conditions delaying flowering by 2 weeks which shortened the season, combined with severe frosts in early June that slowed the trees ability to accumulate oil into the fruit. Pleasingly, however we finished with a very good result overall with the extra fruit compensating the lower oil yields in the fruit.

This year’s harvest result is particularly satisfying, especially given that 1,593 hectares (approximately 23% of our total planted area) are still to reach productive maturity. Of these 1,593 hectares, 1,060 hectares are yet to come into any production because they are less than 3 years old.

The overall oil quality is very high this year.

PROFIT

We are not in a position yet to give accurate profit guidance. However, once we have finalised year end management accounts and presented this to the board, we will send through a comprehensive report including expected full year profit and a more detailed operational update.

Please feel free to contact me at any time if you have any questions.

Kindest regards

Rob McGavin

Executive Chairman