Crookes final results March 2018
Revenue for the year decreased to R657.2 million (2017: R664 million), operating profit after biological assets fell to R3.1 million (2017: R125.2 million), loss for the year attributable to owners of the company came in at R7.6 million (2017: profit of R64.8 million), while headline loss per share was 50.6 cents per share (2017: headline earnings of 424.1 cents per share).
Given the subdued performance of the group over the past year, the board of directors, ("the board") has, resolved not to declare a final dividend for year ended 31 March 2018.
Performance over the next twelve months will largely depend on the expected recovery of the South African RV sugar price. As noted we are hopeful that the tariff will be amended in the short term.
Long-term prospects in the deciduous sector are critically dependent on the water supply situation in the Western Cape. Good early rains have been experienced this season, giving some hope of relief from the devastating drought.
Macadamias are set to make an increasing contribution over the next 12- 24 months, as the orchards mature. We expect the bananas to continue to perform well as produce in the local market remains in short supply.
We are pleased to report that the long-running land claim case at Renishaw has been resolved in our favour, offering opportunities to unlock value from sales of developable land.
Notice of AGM
Shareholders as recorded in the company's securities register on Thursday, 14 June 2018 that the 105th annual general meeting of shareholders of Crookes, in respect of the financial year ended 31 March 2018 will be held at the Community Centre, Renishaw Hills, Scottburgh, 4181 on Friday, 27 July 2018. The proceedings will commence with a tour of the Renishaw Hills Development at 10h00 thereafter the annual general meeting will be held at 11h00 ("the annual general meeting"). The annual report be will published on or about 29 June 2018.