FY15 results are in line with our expectations. Volatility in CAM’s portfolio, particularly around pricing for “critical-for-group-profits” crops such as tea is, however, causing near-term profit disruptions, but favourable long term, sustainability-oriented strategies and decisive actions from the new management team should reward shareholders over the long-term. We are therefore lowering our headline FY16 PBT* to £12m (from £25.1m) but maintain our BUY (with a
