1. FILLING: Boil peaches, orange juice and essences in a small saucepan. Remove from stove and leave to soak.
2. DOUGH: Sprinkle yeast and sugar over warm milk and leave to become frothy. Add melted butter and stir in egg. Make a well (indentation) in flour and pour in yeast mixture.
3. Work flour into liquid in well to make a soft but not sticky dough. (Dust your hands with flour before you begin kneading, otherwise the dough will stick to them.) If the dough is too soft to knead, add extra flour, a little at a time, until it is workable (malleable). But remember that you cannot add extra liquid if the dough is too stiff. (As flour varies in quality, you may need to add a little more - or a little less - liquid than called for in the recipe. Once you are used to the feel of the dough, this should become easier.) Turn out onto a lightly floured surface. Knead for 10 minutes, or until smooth and elastic. Return to bowl, cover with a tea towel and leave to rise at room temperature for 1 hour or until double in bulk.
4. Drain peaches, reserving liquid. Beat butter and sugar until fluffy. Work in almonds and peel. Mix with remaining filling ingredients.
5. Punch down dough by using the heel of our hand to knead. Press down, push the dough away, give it a quarter turn and repeat until the dough looks satiny smooth and dimpled. Turn out onto a floured surface. Roll out lightly into a 25 x 30 cm rectangle and spread filling over. Roll up from one long side like a Swiss roll (it will lengthen as you roll).
6. Lift onto a 42 x 31 cm non-stick baking sheet. Cut roll lengthways into 3 equal-width strips, but leave about 2 cm uncut at one end. Cut the strands of the plait evenly, using a sharp knife with the blade dipped in flour to prevent sticking. Plait strips, leaving cut sides uppermost. Tuck ends under neatly. Cover loosely with a tea towel and leave to rise for about 1 hour, or until doubled in bulk.
7. Mix egg yolk with a little reserved liquid. Brush over plait, sprinkle with flaked almonds and bake in centre of oven at 200 ºC for 25 minutes, or until golden brown and firm. Remove from oven and allow to cool slightly. Slice and serve with butter.