Interim results

M. P. Evans Group PLC

14 September 2026

 

M.P. EVANS GROUP PLC

("M.P. Evans", "the Group", or "the Company")

INTERIM RESULTS

M.P. Evans, a producer of sustainable Indonesian palm oil, announces its unaudited interim results for the six months ended 30 June 2026.

HIGHLIGHTS

·    8% increase total crop processed - 2026: 798,200 tonnes, 2025: 737,700 tonnes

·    11% increase in total CPO production - 2026: 192,300 tonnes, 2025: 172,800 tonnes

·    16% increase in certified sustainable production - 2026: 151,800 tonnes, 2025: 131,300 tonnes

·    1% increase in mill-gate CPO price - 2026: US$873 per tonne, 2025: US$868 per tonne

·    8% reduction in cost of Group palm product - 2026: US$409 per tonne, 2025: US$446 per tonne

·    25% increase in gross profit - 2026: US$78.9 million, 2025: US$63.4 million

·    21% increase in earnings per share - 2026: 86.5 pence, 2025: 71.7 pence

·    39% increase in interim dividend per share - 2026: 25 pence, 2025: 18 pence

·    61% increase in Group cash - 2026: US$113.5 million, 2025: US$70.5 million

POST PERIOD-END HIGHLIGHTS

·    New planted and plantable land acquired close to Group's Kota Bangun estate

·    Continuation of strong pricing for both CPO and PK into third quarter

M.P. Evans chairman, Peter Hadsley-Chaplin, commented on the results for the first half of 2026:

"The first half of 2026 has been particularly encouraging for the Group, with increases in both crop harvested and extraction rates in our mills. Our focus on efficiency helps us to push down unit costs, and our gross margin has improved again, leading to another increase in earnings. As a result, the board is confident in taking another step in the Group's progressive approach to dividends, and we will be paying a 25p per share interim dividend. Our recent land purchase provides us with further opportunities to increase crop into the medium and longer term."

A presentation for analysts will be held today at 9.30am in the City of London.

An online presentation for investors will be held tomorrow, Tuesday 15 September, at 12.00pm via the Investor Meet Company platform. Investors can sign up using the following link:

https://www.investormeetcompany.com/mp-evans-group-plc/register-investor

This announcement contains information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

Enquiries

M.P. Evans Group PLC	Peter Hadsley-Chaplin - chairman Matthew Coulson - chief executive Luke Shaw - chief financial officer	[phone]
Cavendish Capital Markets Nomad and joint broker	Matt Goode; George Lawson (corporate finance) Will Smith; Harriet Ward (ECM)	[phone]
Canaccord Genuity Limited Joint broker	Henry Fitzgerald-O'Connor; George Grainger	[phone]
Alma Strategic Communications Financial PR	Rebecca Sanders-Hewett; Josh Royston; David Ison; Louisa El-Ahwal	[phone]

Overview

The crop harvested at Group estates increased by 14% in the first half of 2026, and unit production costs from the Group's own areas fell as volumes rose. Profit for the period, supported by a continuation of strong pricing, was up significantly, and earnings per share increased by 21% to 86.5p.

During the first half of 2026, the Group harvested 705,400 tonnes (2025 - 619,100 tonnes) of fresh fruit bunches ("ffb") from the hectarage managed at its estates in Indonesia. There were two main reasons for the increase. Firstly, there is a continuing trend of increasing yield per hectare as palms mature and as the Group's agronomic teams strive to maximise output per hectare in the Group's well-developed land. Secondly, over time the Group has worked to increase the area under management and, for the first time, during 2026 had over 70,000 hectares under cultivation throughout the period. Some of those areas are relatively new to the Group, and management teams are working to improve the quality of that land, and resultant cropping levels.

Harvested crop is split between the Group's own areas (537,500 tonnes) and areas managed on behalf of the Group's associated scheme smallholders (167,900 tonnes), where land is owned by local community co-operatives, but managed on their behalf by the Group. All areas are managed with the same commitment to excellence, achieving the same high yields.

As has been the case for many years, the Group supplements its own harvest with the purchase of crop from outside suppliers to be processed in its mills. The amount purchased from outside suppliers continued to reduce in the first half of 2026, representing only 12% of the total, as the Group processes a larger and larger proportion of its own, high-quality harvest.

The Group had six palm-oil mills operating throughout the period and those mills improved their production efficiency. The average oil-extraction rate ("OER") increased to 24.2% (2025 - 23.5%), a significant rise from an already strong rate in the previous year. The increase in the Group's own harvest being processed supported this, but in addition, the Group's management team worked hard to maximise efficiency and minimise mill losses. Whilst total crop processed, including that from outside suppliers, went up by 8% during the period, crude palm oil ("CPO") output, thanks to the improved extraction rate, increased by 11% to 192,300 tonnes (2025 - 172,800 tonnes).

The increase in the Group's own harvest has also resulted in an increase in certified sustainable output from the Group's mills, which totalled 151,800 tonnes of CPO in the first half of 2026 (2025 - 131,300 tonnes), up by 16%. This represents 79% of total production, or 82% of the output from Group mills.

Sales of CPO were made at an average price of US$873 per tonne in the first half of 2026, a little higher than the US$868 achieved in the same period in 2025. The palm-oil market continues to be robust, and prices available to the Group reflect that, notwithstanding a very brief period of uncertainty in May 2026 following an announcement from the government in Indonesia regarding planned changes to export mechanisms. Pricing for the Group's secondary product, palm kernels ("PK"), continued to be strong in 2026, with mill-gate prices for PK almost as high, on a per tonne basis, as those for CPO. The average PK selling price in the period was US$813 per tonne, up 9% on the US$747 per tonne in the first half of 2025.

The Group continued, during the first half of 2026, to strive to be an efficient producer of both CPO and PK. Unit cost per tonne of production from the Group's own areas fell to US$409, an 8% fall on the US$446 in the same part of 2025.

The combination of rising crop and production, strong pricing and cost efficiency resulted in an increase in profitability in the first half of the year. Gross profit went up by 25% to US$78.9 million (2025 US$63.4 million).

Dividends

Given the increase in Group profitability, and in line with the longstanding approach to progressive distributions, the board is declaring an increase to the interim dividend. The interim dividend will be 25p per share (2025 - 18p per share). This increase of 39% is larger than the increase in profitability at the mid-point in the year. As such, it should not be considered indicative of the board's plans for the year as a whole. Rather, the board is reviewing the ratio of interim to final dividends and may, over time, seek to make some adjustment to this balance.

Irrespective of any change in the payout ratio between interim and final amounts, the Group continues to generate encouraging margins, particularly as more and more production comes from its own harvest, and cash generation is strong. The board remains confident of the Group's prospects for the remainder of 2026 and into the medium and longer term.

Post balance-sheet event

As announced on 10 September 2026, the Group has recently completed the acquisition of additional planted and plantable land close to its existing Kota Bangun project in East Kalimantan. The Group has acquired PT Kalimantan Wahana Berjaya ("KWB") for US$2.0 million and, at the same time, been successful in securing the initial rights to an adjacent parcel of land known as Long Nah. KWB has 776 hectares planted to oil palm and the Group estimates that following a period of rehabilitation and further planting, there is the potential within the combined area to add a further 3,000 or more planted hectares to the Group's Kota Bangun project

RESULTS FOR THE PERIOD

Crops and production

Details of the Group's crops, production and extraction rates and average selling prices for the first half of 2026 are shown in the following table:

	6 months ended			6 months ended	Year ended
		30 June	Increase/	30 June	31 December
		2026	(decrease)	2025	2025
		Tonnes	%	Tonnes	Tonnes
Own crops
Kota Bangun		171,800	13	152,000	304,200
Bangka		75,300	15	65,600	127,900
Pangkatan group		79,300	5	75,700	170,000
Bumi Mas		96,200	31	73,400	175,300
Musi Rawas		86,600	23	70,300	156,500
Simpang Kiri		28,300	(23)	36,700	75,400
		537,500	13	473,700	1,009,300
Scheme-smallholder crops
Kota Bangun		63,200	13	55,800	112,700
Bangka		44,800	14	39,200	75,900
Pangkatan group		4,100	58	2,600	7,600
Bumi Mas		16,100	7	15,000	32,700
Musi Rawas		38,500	19	32,300	69,200
Simpang Kiri		1,200	140	500	1,400
		167,900	15	145,400	299,500
Crop harvested		705,400	14	619,100	1,308,800
Independent crops purchased
Kota Bangun		43,600	(27)	59,700	104,000
Bangka		42,000	40	30,000	73,400
Pangkatan group		2,600	(70)	8,700	16,100
Bumi Mas		1,600	(43)	2,800	6,200
Musi Rawas		3,000	(83)	17,400	29,500
		92,800	(22)	118,600	229,200
		798,200	8	737,700	1,538,000
Production
Crude palm oil
Kota Bangun		66,600	9	61,100	120,900
Bangka		38,300	22	31,500	63,800
Pangkatan group		20,700	5	19,700	44,300
Bumi Mas		27,600	28	21,500	50,500
Musi Rawas		32,500	9	29,700	63,100
		185,700	14	163,500	342,600
Kota Bangun		-	(100)	900	1,000
Simpang Kiri		6,600	(21)	8,400	17,200
		6,600	(29)	9,300	18,200
		192,300	11	172,800	360,800
Palm kernels
Kota Bangun		14,900	11	13,400	26,200
Bangka		9,600	19	8,100	16,500
Pangkatan group		4,600	(2)	4,700	10,600
Bumi Mas		5,400	35	4,000	9,600
Musi Rawas		6,300	9	5,800	12,400
		40,800	13	36,000	75,300
Kota Bangun		-	(100)	200	200
Simpang Kiri		1,300	(24)	1,700	3,400
		1,300	(32)	1,900	3,600
		42,100	11	37,900	78,900

Extraction rate	%		%	%
Crude palm oil
Group mills
Kota Bangun - Bumi Permai	24.6	2	24.1	24.1
Kota Bangun - Rahayu	23.0	5	22.0	22.4
Bangka	23.6	1	23.4	23.0
Pangkatan group	24.0	6	22.6	22.9
Bumi Mas	24.2	3	23.6	23.6
Musi Rawas	25.3	2	24.7	24.7
	24.2	3	23.5	23.5
Third party mills
Kota Bangun	-	-	20.0	20.0
Simpang Kiri	22.4	-	22.5	22.5
Palm kernels
Group mills
Kota Bangun - Bumi Permai	5.9	4	5.7	5.7
Kota Bangun - Rahayu	4.7	12	4.2	4.2
Bangka	5.9	(2)	6.0	6.0
Pangkatan group	5.3	(2)	5.4	5.5
Bumi Mas	4.7	4	4.5	4.5
Musi Rawas	4.9	2	4.8	4.9
	5.3	2	5.2	5.2
Third party mills
Kota Bangun	-	-	4.5	4.5
Simpang Kiri	4.4	(2)	4.5	4.4
Average selling prices	US$		US$	US$
CPO - Group mill gate	873	1	868	866
Palm kernels - Group mill gate	813	9	747	748

Mill-gate prices

The Group works in partnership, on a location-by-location basis, with palm-oil refiners based locally within Indonesia who purchase the Group's CPO for further processing. Similarly for the Group's secondary product, it works with local partners who purchase PK for onward crushing into palm-kernel oil. In both cases, the Group does not control the next stages in the supply chain beyond refining and crushing, but in most cases, the sustainable characteristics of the Group's output are important within that supply chain.

The Group sells its output on a regular basis, both as part of long-term contracting arrangements with key customers, and on an open tender basis, to ensure that the best prices are achieved. As a regular market participant, the Group does not, and has not for the long term, sought to fix prices forward.

During the first half of the year, despite a brief period of uncertainty on price following some announcements from the Indonesian government regarding changes to export arrangements for palm and other key commodities, CPO prices available to the Group remained strong throughout the period and were, on average, at similar levels to those achieved throughout 2025. The average mill-gate price for the Group's CPO during the first half was US$873 per tonne, 1% above the US$868 in the same part of 2025.

PK pricing continued be at encouraging levels in the first half of 2026, even higher than those achieved in the previous year. For the first time since the Group started to process and sell its own output, the average mill-gate price over a six-month period exceeded US$800 per tonne. On average, in the first half of 2026, the Group's mills received US$813 for PK sales, 9% higher than the US$747 in the first half of 2025.

Sustainability

The Group is a responsible producer of certified sustainable palm oil and, as described in the production section above, the volume of certified production increased significantly in the period. However, the Group's commitment to responsibility and sustainability is far more wide-ranging and this is demonstrated in depth in the latest sustainability report published by the Group in August 2026.

The Group pays close attention to both climate and nature as part of an integrated approach to environmental protection and building resilience into the Group's operations. Alongside this, the Group takes its social responsibilities seriously, recognising the important part it has to play within the communities alongside which it operates, supporting shared prosperity. All of this is underpinned by a commitment to good governance and building trust with stakeholders.

The Group's detailed sustainability report is available via the website at www.mpevans.co.uk/sustainability/sustainability-reports.

Costs

As an efficient producer of palm products, the Group has been committed over the long term to careful cost management, investing in smart agronomic and milling techniques that are beneficial for our people and for productivity. This was the case during 2026 as the Group continued to seek new innovations where appropriate, whilst at the same time recognising the benefits brought by our skilled and experienced workforce who can make a real difference to quality standards on a daily basis.

During the first half of 2026, the Group faced a number of cost pressures at its estates and mills. The Group continues to reward its staff in a fair and transparent manner and as wage rates increase, this feeds through into the Group's cost base. Also in 2026, the Group felt some cost pressures on key inputs, including fertiliser and fuel, although the Group's internal renewable energy supply from its mills helped to mitigate this. In addition, a weakening Indonesian rupiah partially offset some locally denominated increases whilst, more significantly, rising production helped to keep costs per unit of production well controlled. Overall, the net effect was a fall in cost per tonne of production from the Group's own areas, down from US$446 in the first half of 2025 to US$409 this year, a reduction of 8%.

Costs when purchasing crop for processing are inevitably higher, due to the commitment to pay a fair price to scheme smallholders, or the need to negotiate for purchases from third-party suppliers which inevitably do not yield as much oil and kernel as crop harvested by the Group. As a result, the combined cost per tonne, when considering all sources of crop for processing, increases when compared to the cost per tonne for only Group-owned areas. However, the combined cost per tonne also fell during the first half of the year, to US$514 (2025 US$553).

Planting and new areas

The Group's estate teams have worked hard over many years to establish high-quality plantings and productive estates, and the yield per hectare delivered in the first half of this year is clear evidence of the success of this approach. As the Group looks to future prosperity, one indicator is the amount of land that has been planted but is still to come into productivity. New palms, once planted, take between two and three years of further investment and careful cultivation prior to their first harvest. During the first half of 2026, the Group had just over 7,000 hectares of planted land under management that fell into this category, a clear indicator of future growth potential.

During the first half, and moving into the remainder of the year, the Group continues to seek out opportunities for further planting within its existing estates, subject to environmental assessments and to agreement with local community members. The pace of planting has been relatively slow in the first half of the year, with just under 100 new hectares planted. However, preparatory work has already taken place for some larger areas and, subject to favourable conditions, the pace should pick up in the second half of the year.

In addition, and looking further ahead, the addition of the new land at KWB and Long Nah acquired in September this year, has provided new opportunities for development. The area already planted at KWB amounts to 776 hectares. However, the Group estimates that the total developable area should be at least 3,000 hectares between the two properties, and this should provide a valuable source of crop to the Group's mills at Kota Bangun.

Associated companies

The Group has a 38% investment in an oil-palm plantation in Sumatra, PT Kerasaan Indonesia ("Kerasaan"). The Kerasaan estate, comprising 2,300 planted hectares, continued to perform well, albeit with a slightly lower crop than in the same period last year, and the Group recorded US$0.7 million as its share of Kerasaan's profit in the period (2025 US$0.6 million).

In Malaysia, the Group's 40%-owned property development company, Bertam Properties Sdn Berhad ("Bertam Properties"), made a good start to the year in an increasingly competitive environment. The Group's share of Bertam Properties' profit for the first half of the year was US$0.3 million (2025 US$0.1 million).

Result

Revenue increased by 9% in the first half of the year to US$196.3 million (2025 US$179.4 million), a lower increase than the 11% increase in production, even though prices were also up on last year. The main reason was that a small amount of production from the first half remained in stock at the end of June, and will benefit sales and profitability in the second half of the year. Gross margin increased once again, now standing at 40% for the Group as a whole, compared to 35% for the first half of last year and 38% for the year as a whole. Everyone involved in the Group's Indonesian operations should be proud of this achievement as it represents a significant milestone and reflects the quality and efficiency of the Group's operations and the contribution made by all involved. Typically, unit costs can be higher in the first half of the year (as was the case in 2025 when margin improved as the year progressed), notably due to the timing of fertiliser application and so, all other things being equal, the potential is there to achieve improving margins in the latter part of 2026.

The Group continued to keep tight control over administrative and other expenditure and, thanks to a biological gain arising in the first half of the year on the Group's unharvested crop, along with finance and other income, operating profit of US$78.1 million (2025 US$62.2 million) was only US$0.8 million lower than the gross profit of US$78.9 million (2025 US$63.4 million).

After accounting for tax, associate profits and profits attributed to the Group's minority partner, the profit retained by Group shareholders for the first half of the year was US$61.0 million, or 86.5p per share (2025 US$48.7 million or 71.7p), a record first-half result for the Group.

CURRENT TRADING AND PROSPECTS

	8 months ended			8 months ended
		31 August	Increase/	31 August
		2026	(decrease)	2025
		Tonnes	%	Tonnes
Own crops		737,100	15	639,400
Scheme-smallholder crops		228,000	20	189,400
Crop harvested		965,100	16	828,800
Independent crops purchased		123,300	(24)	162,200
		1,088,400	10	991,000

The trend of increasing crop has continued as we move into the second half of the year. During the two months to August 2026, the total crop harvested from areas managed by the Group was 259,700 tonnes (2025 - 209,700 tonnes) a sizeable increase of 24% on the equivalent period in 2025 and, as can be seen from the above table, the year-to-date increase in harvest now stands at 16%. All Group estates are doing well compared to last year, and Simpang Kiri is starting to close the gap as it shows clear evidence of a strong recovery from the typhoon-related flooding.

The Group has continued to work with its key customers for CPO and PK and has received prices similar to those observed in the first half of the year. By the end of August, the eight-month average prices for its output had moved on to US$868 per tonne of CPO and US$799 per tonne of PK, only 1% and 2% different to the mid-year position. As previously reported, the Indonesian government is introducing a new approach to the export of palm products from Indonesia and the next phase of implementation came into force from the start of September 2026. The Group sells all its output domestically within Indonesia, and has not experienced any operational disruption, nor any noticeable change in the pricing it receives, as a result of the latest change.

Across Indonesia and more widely, there have been some changes in weather patterns observed in the first half of 2026 due to the emergence of El Niño conditions in the Pacific Ocean. This has resulted in lower-than-normal rainfall levels which may lead to a reduction in production levels across Indonesia and Malaysia, albeit with a time lag due to the way in which ffb are formed within oil palms. As can be seen from the table above, Group estates have continued to perform well as we move into the second half of the year, and the high-quality management on Group estates supports the ongoing resilience of the Group's cropping and production. Any changes to production levels in Indonesia and Malaysia may not be noticed until 2027. Should there be a fall in overall production, this may be balanced by an increase in commodity pricing. Management will continue to monitor the situation.

UNAUDITED CONDENSED CONSOLIDATED INCOME STATEMENT

For the six months ended 30 June 2026

		Six months	Six months	Year
		ended	ended	ended
		30 June	30 June	31 December
		2026	2025	2025
	Note	US$'000	US$'000	US$'000
Continuing operations
Revenue	3	196,285	179,443	370,995
Cost of sales		(117,358)	(116,073)	(228,774)
Gross profit	3	78,927	63,370	142,221
Gain/(loss) on biological assets		1,403	(896)	(139)
Foreign-exchange (losses)/gains		(595)	1,762	1,217
Other administrative expenses		(2,860)	(2,801)	(6,446)
Other income		1,178	739	1,978
Operating profit		78,053	62,174	138,831
Finance income		696	1,482	2,004
Finance costs		(122)	(684)	(1,128)
Profit before taxation		78,627	62,972	139,707
Tax on profit on ordinary activities		(17,558)	(14,048)	(29,688)
Profit after tax		61,069	48,924	110,019
Share of associated companies' profit after tax	3	1,054	680	2,969
Profit for the period		62,123	49,604	112,988
Attributable to:
Owners of M.P. Evans Group PLC		61,007	48,654	111,165
Non-controlling interests		1,116	950	1,823
		62,123	49,604	112,988
		US cents	US cents	US cents
Continuing operations
Basic earnings per 10p share		116.8	93.2	212.9
Diluted earnings per 10p share		116.3	92.7	211.8
		Pence	Pence	Pence
Basic earnings per 10p share
Continuing operations		86.5	71.7	161.3

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET

As at 30 June 2026

			Restated*
		30 June	30 June	31 December
		2026	2025	2025
	Note	US$'000	US$'000	US$'000
Non-current assets
Goodwill		1,158	1,158	1,158
Other intangible assets		600	761	694
Property, plant and equipment		508,513	477,637	511,632
Investments in associates		13,652	11,689	12,967
Investments		67	65	67
Deferred-tax asset		1,596	1,831	2,577
		525,586	493,141	529,095
Current assets
Biological assets		7,031	4,739	5,628
Inventories		26,719	21,258	22,842
Trade and other receivables		22,832	22,618	20,189
Current-tax asset		3,707	3,501	2,705
Current-asset investments		-	204	-
Cash and cash equivalents		113,519	91,123	87,481
		173,808	143,443	138,845
Total assets		699,394	636,584	667,940
Current liabilities
Borrowings		-	2,240	-
Trade and other payables		31,931	30,965	24,931
Current-tax liabilities		9,416	8,651	13,367
		41,347	41,856	38,298
Net current assets		132,461	101,587	100,547
Non-current liabilities
Borrowings		-	18,625	-
Deferred-tax liability		7,655	8,021	7,979
Retirement-benefit obligations		13,629	13,591	14,005
		21,284	40,237	21,984
Total liabilities		62,631	82,093	60,282
Net assets		636,763	554,491	607,658
Equity
Share capital	5	8,925	8,933	8,933
Other reserves		56,253	54,934	55,391
Retained earnings		562,755	483,352	535,170
Equity attributable to the
owners of M.P. Evans Group PLC		627,933	547,219	599,494
Non-controlling interests		8,830	7,272	8,164
Total equity		636,763	554,491	607,658

*Prior year restatement - see note 33 in 2025 annual report for details regarding the restatement of retained earnings.

UNAUDITED CONDENSED STATEMENT OF CHANGES IN CONSOLIDATED TOTAL EQUITY

For the six months ended 30 June 2026

					Restated*
			Six months		Six months	Year
				ended	ended	ended
				30 June	30 June	31 December
				2026	2025	2025
				US$'000	US$'000	US$'000
Profit for the period				62,123	49,604	112,988
Other comprehensive (expense)/income for the period				(92)	1,066	2,488
Total comprehensive income for the period				62,031	50,670	115,476
Issue of share capital				13	11	-
Share buybacks				(3,203)	-	-
Dividends paid				(30,076)	(27,812)	(40,121)
Credit to equity for equity-settled share-based
payments				340	275	956
Transactions with owners				(32,926)	(27,526)	(39,165)
At 1 January				607,658	531,347	531,347*
Balance at period end				636,763	554,491	607,658

*Prior year restatement - see note 33 in 2025 annual report for details regarding the restatement of retained earnings.

UNAUDITED CONDENSED CONSOLIDATED CASH-FLOW STATEMENT

For the six months ended 30 June 2026

		Six months	Six months	Year
		ended	ended	ended
		30 June	30 June	31 December
		2026	2025	2025
	Note	US$'000	US$'000	US$'000
Net cash generated by operating activities	6	70,423	58,273	137,110
Investing activities
Acquisition of subsidiaries, net of cash acquired		-	-	(20,484)
Purchase of property, plant and equipment		(10,668)	(10,515)	(24,627)
Purchase of intangible assets		-	-	(25)
Interest received		696	1,482	2,004
Repayment of loans made to smallholder co-
operatives		637	458	413
New loans to smallholder co-operatives		(266)	(160)	(460)
Bank deposits treated as current asset investments		-	8	207
Proceeds on disposal of property, plant and
equipment		55	193	377
Net cash used by investing activities		(9,546)	(8,534)	(42,595)
Financing activities
Repayment of borrowings		-	(11,665)	(32,541)
Repayment of loans assumed on acquisition		-	-	(12,552)
Dividends paid to Company shareholders		(29,626)	(26,412)	(38,721)
Dividends paid to non-controlling interest		(450)	-	(1,400)
Issue of Company shares		13	11	-
Buyback of Company shares		(3,203)	-	-
Net cash used by financing activities		(33,266)	(38,066)	(85,214)
Net increase in cash and cash equivalents		27,611	11,673	9,301
Cash and cash equivalents at 1 January		87,481	79,223	79,223
Effect of foreign-exchange rates on cash and cash
equivalents		(1,573)	227	(1,043)
Net cash and cash equivalents at period end		113,519	91,123	87,481

NOTES TO THE INTERIM STATEMENTS

For the six months ended 30 June 2026

Note 1                  General information

The financial information for the six-month periods ended 30 June 2026 and 2025 has been neither audited nor reviewed by the Group's auditors and does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. The financial information for the year ended 31 December 2025 is abridged from the statutory accounts. The 31 December 2025 statutory accounts have been reported on by the Group's auditors for that year, BDO LLP, and have been filed with the Registrar of Companies. The report of the auditors thereon was unqualified and did not contain a statement under section 498(2) or (3) of the Companies Act 2006, nor did it contain any matters to which the auditors drew attention without qualifying their audit report.

Note 2                  Accounting policies

The consolidated financial results have been prepared in accordance with International Financial Reporting Standards (IFRS and IFRIC interpretations) issued by the International Accounting Standards Board (IASB), and with those parts of the Companies Act 2006 applicable to companies preparing accounts under IFRS, as adopted by the UK.

The accounting policies of the Group follow those set out in the annual financial statements at 31 December 2025. The Group has made a number of critical accounting judgements and key estimates in the preparation of this interim report, and they remain consistent with those set out in note 3(r) to the 2025 annual financial statements.

This condensed interim financial information should be read in conjunction with the Group's annual financial statements for the year ended 31 December 2025.

Note 3                  Segment information

The Group's reportable segments are distinguished by location and product: Indonesian oil-palm plantation products in Indonesia and Malaysian property development.

	Plantation		Property
	Indonesia		Malaysia	Other	Total
	US$'000		US$'000	US$'000	US$'000
6 months ended 30 June 2026
Revenue	196,285		-	-	196,285
Gross profit	78,927		-	-	78,927
Share of associated companies' profit after tax	717		337	-	1,054
6 months ended 30 June 2025
Revenue	179,391		-	52	179,443
Gross profit	63,318		-	52	63,370
Share of associated companies' profit after tax		615	65	-	680
Year ended 31 December 2025
Revenue	370,889		-	106	370,995
Gross profit	142,115		-	106	142,221
Share of associated companies' profit after tax	1,737		1,232	-	2,969

Note 4                  Dividends

	Six months ended	Six months ended	Year  ended
	30 June	30 June	31 December
	2026	2025	2025
	US$'000	US$'000	US$'000
2024 final dividend - 37.5p per 10p share	-	26,412	26,412
2025 interim dividend - 18p per 10p share	-	-	12,309
2025 final dividend - 42p per 10p share	29,626	-	-
	29,626	26,412	38,721

Subsequent to 30 June 2026, the board has declared an interim dividend of 25p per 10p share. The dividend will be paid on or after 6 November 2026 to those shareholders on the register at the close of business on 9 October 2026.

Note 5                  Share capital

	30 June	30 June	31 December	30 June	30 June	31 December
	2026	2025	2025	2026	2025	2025
	Number	Number	Number	US$'000	US$'000	US$'000
Shares of 10p each
At 1 January	52,256,292	52,176,292	52,176,292	8,933	8,922	8,922
Issued	100,000	80,000	80,000	13	11	11
Redeemed	(160,544)	-	-	(21)	-	-
At period end	52,195,748	52,256,292	52,256,292	8,925	8,933	8,933

During the period, in anticipation of the exercise of share options, the Company issued 100,000 10p shares for US$13,000 cash consideration.

Note 6                  Analysis of movements in cash flow

	Six months ended		Six months ended	Year ended
	30 June		30 June	31 December
	2026		2025	2025
	US$'000		US$'000	US$'000
Operating profit	78,053		62,174	138,831
Biological (gain)/loss	(1,403)		896	139
Disposal of property, plant and equipment	(20)		216	604
Release of deferred profit	(375)		(20)	(444)
Depreciation of property, plant and
equipment	13,754		13,453	27,074
Amortisation of intangible assets	93		92	183
Retirement-benefit obligation	596		554	1,756
Share-based payments	340		275	956
Operating cash flows before movements
in working capital	91,038		77,640	169,099
(Increase)/decrease in inventories	(3,877)		1,542	511
Increase in receivables	(5,583)		(1,531)	(227)
Increase/(decrease) in payables	9,484		(614)	(4,569)
Decrease/(increase) in trading balances with
smallholder co-operatives	681		(4,318)	(3,349)
Cash generated by operating activities	91,743		72,719	161,465
Dividends from associated companies	655		594	2,760
Income tax paid	(21,853)		(14,356)	(25,987)
Interest paid	(122)		(684)	(1,128)
Net cash generated by operating activities		70,423	58,273	137,110

Note 7                  Exchange rates

		30 June	30 June	31 December
		2026	2025	2025
US$1=Indonesian Rupiah	-     average	17,191	16,417	16,465
	-     period end	17,880	16,235	16,675
US$1=Malaysian Ringgit	-     average	3.98	4.31	4.29
	-     period end	4.08	4.21	4.06
£1=US Dollar	-     average	1.35	1.30	1.32
	-     period end	1.33	1.37	1.35

Note 8                  Post balance-sheet event

As announced on 10 September 2026, the Group has recently completed the acquisition of additional planted and plantable land close to its existing Kota Bangun project in East Kalimantan. The Group has acquired PT Kalimantan Wahana Berjaya ("KWB") for US$2.0 million and, at the same time, been successful in securing the initial rights to an adjacent parcel of land known as Long Nah. KWB has 776 hectares planted to oil palm and the Group estimates that following a period of rehabilitation and further planting, there is the potential within the combined area to add a further 3,000 or more planted hectares to the Group's Kota Bangun project.

 

END