|
R.E.A. Holdings plc (RE.)
R.E.A. Holdings plc: Half yearly results
17-Sep-2025 / 07:00 GMT/BST
R.E.A. Holdings plc (“REA” or the “company”)
REA today publishes the group’s half yearly report for the six months to 30 June 2025. Please click on the link below to view.
The 2025 half yearly report will also be available shortly at www.rea.co.uk/investors/financial-reports.
HIGHLIGHTS
Strategic
- Maturity profile of group debt improved
- Sale of outlying subsidiary CDM completed in June 2025
Financial
- Revenue increased by 14 per cent to $92.4 million (2024: $80.9 million) benefitting from continuing firm prices for both CPO and CPKO
- Average selling prices (including premia for certified oil but net of export duty and levy) for CPO some 13 per cent above 2024 at $856 per tonne (2024: $755 per tonne) and for CPKO some 96 per cent above 2024 at $1,657 per tonne (2024: $847 per tonne)
- EBITDA for the period of $33.4 million (2024: $21.6 million), a 55 per cent increase
- Profit before tax of $11.6 million (2024: $8.1 million) before $5.7 million loss on disposal of CDM notwithstanding $8.9 million adverse swing in exchange movements
- Group net indebtedness at $159.1 million (31 December 2024: $159.3 million) after temporary increase in working capital of $15.0 million
- Indonesian bank loans repackaged in March 2025
- £21.4 million nominal of sterling notes redeemed at 104 per cent on 31 August 2025
- In September 2025, repayment date of at least $17.6 million nominal of Dollar notes postponed to 31 December 2028
Agricultural operations
- FFB production for the continuing group (excluding CDM) of 425,061 tonnes (2024: 399,907 tonnes) despite reduced hectarage due to the replanting programme and exceptionally heavy rainfall in the early months
- Extraction rates maintained above 22 per cent
- Replanting and extension planting on target
Stone and sand operations
- Production and sales of ATP stone now accelerating
- ATP sale contracts signed with three substantial purchasers of stone
- Sand washing plant being enhanced with scale production projected in 2026
- Both ATP and MCU now under direct control of the group
Sustainability and climate
- 100 per cent of the group’s own plantations are now RSPO certified
- Projects to promote sustainable development and climate action, including smallholders, continuing apace
Outlook
- Firm CPO prices projected for the immediate future
- Group FFB production expected to increase from 2026 as immature areas start to substitute for mature areas taken out of production for replanting with additional FFB expected from Enggang areas now managed by the group
- Cash flows to progressively reap the benefits of capital investments in replanting, new planting and scaling up of the stone and sand operations
- Group’s financial position continuing to strengthen with an increasingly encouraging outlook
CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2025
|
|
30 June
|
30 June
|
31 December
|
|
|
2025
|
2024
|
2024
|
|
|
$’000
|
$’000
|
$’000
|
|
Revenue
|
92,410
|
80,945
|
187,943
|
|
Net gain / (loss) arising from changes in fair value of biological assets
|
478
|
(169)
|
9
|
|
Cost of sales
|
(63,012)
|
(63,580)
|
(136,495)
|
|
Gross profit
|
29,876
|
17,196
|
51,457
|
|
Distribution costs
|
(507)
|
(576)
|
(1,281)
|
|
Administrative expenses
|
(10,151)
|
(7,993)
|
(15,208)
|
|
Operating profit
|
19,218
|
8,627
|
34,968
|
|
Interest income
|
701
|
1,167
|
3,369
|
|
Reversal of provision
|
–
|
–
|
6,622
|
|
(Losses) / gains on disposal of subsidiaries and similar charges
|
(5,723)
|
–
|
3,051
|
|
Other (losses) / gains
|
(2,428)
|
6,499
|
7,317
|
|
Finance costs
|
(5,911)
|
(8,233)
|
(16,430)
|
|
Profit before tax
|
5,857
|
8,060
|
38,897
|
|
Tax
|
(8,444)
|
(4,520)
|
(8,434)
|
|
(Loss) / profit for the period
|
(2,587)
|
3,540
|
30,463
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
Equity shareholders
|
(2,425)
|
1,530
|
26,447
|
|
Non-controlling interests
|
(162)
|
2,010
|
4,016
|
|
|
(2,587)
|
3,540
|
30,463
|
|
|
|
|
|
|
(Loss) / profit per 25p ordinary share (US cents)
|
|
|
|
|
Basic
|
(15.6)
|
(5.9)
|
41.6
|
|
Diluted
|
(15.6)
|
(5.9)
|
41.6
|
All operations in all periods are continuing.
CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2025
|
|
30 June
|
30 June
|
31 December
|
|
|
2025
|
2024
|
2024
|
|
|
$’000
|
$’000
|
$’000
|
|
Non-current assets
|
|
|
|
|
Goodwill
|
11,144
|
11,144
|
11,144
|
|
Intangible assets
|
2,331
|
1,401
|
2,684
|
|
Property, plant and equipment
|
372,280
|
310,198
|
386,997
|
|
Land
|
54,295
|
51,166
|
58,098
|
|
Financial assets
|
24,902
|
77,578
|
26,735
|
|
Deferred tax assets
|
16,364
|
14,126
|
21,278
|
|
Total non-current assets
|
481,316
|
465,613
|
506,936
|
|
Current assets
|
|
|
|
|
Inventories
|
25,403
|
20,956
|
18,393
|
|
Biological assets
|
3,816
|
3,160
|
3,338
|
|
Trade and other receivables
|
39,996
|
34,885
|
31,312
|
|
Current tax asset
|
1,243
|
1,058
|
228
|
|
Cash and cash equivalents
|
55,208
|
15,942
|
38,837
|
|
Total current assets
|
125,666
|
76,001
|
92,108
|
|
Total assets
|
606,982
|
541,614
|
599,044
|
|
Current liabilities
|
|
|
|
|
Trade and other payables
|
(33,552)
|
(30,032)
|
(44,715)
|
|
Bank loans
|
(24,068)
|
(23,145)
|
(20,012)
|
|
Sterling notes
|
(30,429)
|
–
|
(28,167)
|
|
Dollar notes
|
(26,829)
|
–
|
–
|
|
Other loans and payables
|
(8,649)
|
(6,928)
|
(2,707)
|
|
Total current liabilities
|
(123,527)
|
(60,105)
|
(95,601)
|
|
Non-current liabilities
|
|
|
|
|
Trade and other payables
|
–
|
(4,252)
|
–
|
|
Bank loans
|
(132,944)
|
(81,330)
|
(114,417)
|
|
Sterling notes
|
–
|
(40,316)
|
–
|
|
Dollar notes
|
–
|
(26,658)
|
(26,746)
|
|
Deferred tax liabilities
|
(50,923)
|
(34,654)
|
(47,404)
|
|
Other loans and payables
|
(11,129)
|
(21,373)
|
(19,897)
|
|
Total non-current liabilities
|
(194,996)
|
(208,583)
|
(208,464)
|
|
Total liabilities
|
(318,523)
|
(268,688)
|
(304,065)
|
|
Net assets
|
288,459
|
272,926
|
294,979
|
|
|
|
|
|
|
Equity
|
|
|
|
|
Share capital
|
133,590
|
133,590
|
133,590
|
|
Share premium account
|
47,374
|
47,374
|
47,374
|
|
Translation reserve
|
(25,824)
|
(24,416)
|
(26,332)
|
|
Retained earnings
|
62,960
|
47,836
|
69,826
|
|
|
218,100
|
204,384
|
224,458
|
|
Non-controlling interests
|
70,359
|
68,542
|
70,521
|
|
Total equity
|
288,459
|
272,926
|
294,979
|
CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2025
|
|
30 June
|
30 June
|
31 December
|
|
|
2025
|
2024
|
2024
|
|
|
$’000
|
$’000
|
$’000
|
|
Net cash from / (used in) operating activities
|
5,770
|
(4,712)
|
31,751
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
Interest received
|
701
|
1,167
|
1,069
|
|
Proceeds on disposal of PPE
|
–
|
13
|
4,179
|
|
Purchases of intangible assets and PPE
|
(16,040)
|
(9,773)
|
(34,621)
|
|
Expenditure on land
|
(664)
|
(684)
|
(4,530)
|
|
Net investment stone and coal interests
|
–
|
(4,227)
|
(3,610)
|
|
Net investment sand interest
|
(3,070)
|
–
|
(4,413)
|
|
Cash received from non-current receivables
|
–
|
1,298
|
1,258
|
|
Cash acquired with new subsidiary
|
–
|
–
|
259
|
|
Cash divested on disposal of group company
|
(372)
|
–
|
–
|
|
Cash reclassified from asset held for sale
|
–
|
9
|
9
|
|
Net proceeds on disposal of group company
|
8,365
|
–
|
–
|
|
Net cash used in investing activities
|
(11,080)
|
(12,197)
|
(40,400)
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
Preference dividends paid
|
(4,414)
|
(14,510)
|
(18,576)
|
|
Repayment of bank borrowings
|
(9,804)
|
(7,540)
|
(36,862)
|
|
New bank borrowings drawn
|
47,570
|
6,494
|
64,342
|
|
Purchase of sterling notes for cancellation
|
(381)
|
–
|
(11,606)
|
|
Repayment of borrowings from non-controlling shareholder
|
(8,750)
|
(11,747)
|
(12,234)
|
|
New equity from non-controlling interests
|
–
|
50,000
|
53,580
|
|
Cost of non-controlling interest transaction
|
–
|
(1,078)
|
(1,078)
|
|
Purchase of non-controlling interest
|
–
|
(2,726)
|
(2,726)
|
|
Repayment of lease liabilities
|
(1,500)
|
(1,271)
|
(2,724)
|
|
Net cash from financing activities
|
22,721
|
17,622
|
32,116
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
Net increase in cash and cash equivalents
|
17,411
|
713
|
23,467
|
|
Cash and cash equivalents at beginning of period
|
38,837
|
14,195
|
14,195
|
|
Effect of exchange rate changes
|
(1,040)
|
1,034
|
1,175
|
|
Cash and cash equivalents at end of period
|
55,208
|
15,942
|
38,837
|
Enquiries:
R.E.A Holdings plc
Tel: +44 (0)20 7436 7877
Attachment
File: REA Half yearly report 2025
Dissemination of a Regulatory Announcement that contains inside information in accordance with the Market Abuse Regulation (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
|
