19/04/2011 (Investors Chronicle) -  strong rise in palm oil prices and a return to profitability in the Australian beef cattle operation increased profits for MP Evans last year. And post-tax earnings were further boosted by a 31 per cent rise in profits to over to $13m (£8m) from the group's share in a number of associated ventures.

Plantation profits from the Indonesian palm oil operation jumped 70 per cent to $22.4m reflecting a rise in average palm oil prices from $680 per tonne in 2009 to $905 last year. Plans to increase output are already in place, and annual production is expected to rise from 200,000 tonnes last year to 300,000 tonnes in 2012, reaching 500,000 tonnes by 2015.

The beef cattle operation in Australia, where the group holds a 34.3 per cent stake in North Australian Pastoral Company (NAPCo) saw the previous year's loss of $1m swing into a $2.37m profit. And its wholly owned Woodland subsidiary turned the previous year's loss of $1.32m into a profit of $0.25m. Despite the improvement, management is still planning to sell the operation at some point and to raise its stake in NAPCo.

Panmure Gordon is raising its 2011 adjusted EPS forecast by 5 per cent to 42c.