Q1 hurt by subdued performance of JV and associates

SABM released its Q1 update. Group NPR growth at constant currency stood at +2%, whereas volumes were flat. NPR by region: LatAm +5%, Africa +6%, Asia Pacific -2%, Europe +6%, North America -3%. The group revenue growth per hl stood at 2%. Lager volumes were up +5% for own subsidiaries and -5% for JV & associates, whereas soft drinks were up +2% (driven by Africa & Europe, LatAm was weak). Volume growth by region: LatAm +1%, Africa 0% (supported by soft drinks), Asia Pacific -3%, Europe +8%, No

Unilever Q2 – Small beats on sales/profit

Unilever Q2 – Small beats on sales/profit | Britvic – FY2016 Q3 reconfirms profit guidance | SABMiller – Africa star performer

UK FMCG – Price Target Revisions

Stockmarket uncertainty in the 3-week period since the Brexit referendum outcome unsurprisingly led large cap UK FMCG shares to outperform the domestic index. The sector clearly benefits both from sales stability and high overseas earnings. Comparative UK profit exposures are shown in Exhibit 1 below.

UK FMCG winners and losers from Brexit

The British referendum on EU membership is scheduled for 23rd June 2016. While opinion polls and bookmaker odds still bias towards “remain,” it makes some sense to assess briefly potential the FMCG winners and losers in the event of Brexit happening.

FY: solid underlying growth overshadowed by currency headwinds

SABMiller released its FY accounts. As a reminder, the group’s NPR grew +5% with price/mix, whereas volumes were up +2% (lager +1%, soft drinks +6%). For FY16, the group’s EBITA on an organic basis progressed by +8% (EBITA margin +60bp). On reported figures (excluding revenue from associates and JVs), FY revenue was down 10%, whereas the operating margin contracted 270bp. The share of profits from associates and JVs was up +4%. The FY net profit was down 18% on the back of adverse FX and i

Q4: Another good quarter

SABMiller released its Q4 and FY trading update. Numbers are strong on an underlying basis, however FX headwinds also remain strong. In Q4, the NPR (net producer revenue) grew +7% whereas volumes were up +3%. Group NPR/hl grew by +3%. On reported figures, NPR was down 4% due to adverse FX winds. NPR by region: LatAm +8%, Africa +12%, Asia Pacific +4%, Europe +3%, North America +3%. On a FY basis, the group’s NPR grew +5% (-8% on reported figures) with volumes up +2%. NPR by region: LatAm +8%,

Produce Investments/SAB Miller

Produce Investments - Jersey Analyst Visit | SABMiller – Trading update | Diageo – Trading update

Strong Q3 driven by Africa

SABM released its Q3 update. The net producer revenue stood at 7% (consensus +5.5%), volumes progressed by 4% (consensus +1.1%) whereas group NPR/ hl grew by +3%. NPR by region: LatAm +8%, Africa +12%, Asia Pacific +5%, Europe +6%, North America -1%. On a reported basis, NPR was down by -8% due to depreciation of key currencies against the US dollar. Volumes by region: LatAm +5%, Africa +8%, Asia Pacific 0%, Europe +4%, North America -2%. The group's soft drinks volumes grew by 8% (g

H1 update: in line with expectations

SABMiller released its H1 accounts. The group's net producer revenue (revenue including associates and JVs) at constant currency was up 4% (-9% on reported basis). NPR at constant FX by region: LatAm +8%, Africa +9%, Asia Pacific +4%, Europe 0%, North America -1%. The group's total volumes increased organically by +1% (flat lager with soft drinks up +4%). The EBITA margin progressed by 20bp on a constant currency basis (-40bp on reported figures). Revenue, excluding associates and JVs, was up

Q2 update: acceleration on an organic basis but FX weighs on reported figures

SABMiller has brought forward the release of its trading update for Q2 as the company is in the Offer Period. Q2 volumes were up by 2% (0% in Q1) whereas NPR progressed by 6% (+3% in Q1). NPR/hl rose by 4%. The accelerated performance was driven by a strong LatAm (NPR +9%, volumes +7%) as well as Africa (NPR +11%, volumes +6%). The Asia Pacific region recorded the same performance as in Q1 (NPR +4%, volumes -3%) due to adverse macro-economic headwinds in China. Europe performed better than in

Q1 trading update: harsh Europe and strong dollar weighs on the results

SABM Q1 trading update: Group NPR growth at constant currency stood at 3% (consensus at 3.8%) whereas volumes were flat mainly due to a very weak Europe and a softer China. NPR by region: LatAm 6% (cons. at 7%), Africa 7% (cons. at 8.5%), Asia Pacific 4% (cons. at 4.5%), Europe -4% (cons. at -1%), North America 0% (cons. at 0.2%). Lager volumes were down by -1% (cons. at 1%) whereas soft drinks were up by 4%. Volume growth by region: LatAm 5% (cons. at 4%), Africa 4% (cons. at 4%), Asia Pacif

Carr's Group - An enhanced value creation strategy

Carr’s Group has announced an updated strategy that offers the potential for value realisation and creation from a number of avenues. These include: value realisation of the Engineering Division; the ability to significantly reduce central costs; and longer-term value creation in the Agriculture Division as a focused business with recovery potential and a strategy to leverage its strong market positions for growth.

M.P. Evans - Tougher year but growing cashflow outlook drives optionality

FY23 results are much in line with overall expectations, helped by a much stronger H2 production and higher purchases of independent crops helping to fill the group’s rising mill capacity. A marginally higher than expected average CPO price mill-gate price of $729/tonne drove the revenue outperformance, but the change in production mix impacted gross margins while slightly higher than anticipated interest, tax and minority charges resulted in EBIT, PBT (Adj.) and EPS (Adj.) just below our foreca

Hardman & Co Healthcare Index: 2023 – Capital demands dent performance

The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (

Anpario+ (ANP, House Stock at 230p) - FY24F upgrades - recovery play

Greggs - Showing us how it's done

The second full year of Greggs’ five-year growth plan to double revenue by FY26 should be marked down as very successful, especially so given the challenging external environment. Unlike many consumer-facing companies, high selling price inflation was accompanied by volume growth, leading to good market share gains. The consumer is responding well to new initiatives to grow revenue in new dayparts and digital channels. Profitability was well-managed with better recovery of input cost inflation t

Initial Equity Trading Comments - 16 May 2023

Ocean Harvest Technology - Harvesting the power of seaweed

Ocean Harvest Technology (OHT), based in the UK, produces animal feed additives products using a composite of blended seaweed. Its patented products have been shown to enhance growth rates in livestock, increase feed efficiency and improve egg quality and quantity for laying poultry. As OHT operates in an attractive market, there is significant potential for its proprietary technology to drive volume growth as awareness of its product benefits increases, along with improving financials.

SP Angel Morning View: Risk sentiment pulls back on geopolitical tensions and concerns over Chinese property market

Hybridan Small Cap Feast - 20 Mar 24

20th March 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object

Initial Equity Trading Comments - 20 March 2024

Morning Note – 11 September 2023

Premier Foods+ (PFD, House Stock, 140p) - Strong trading & share gains

Premier Foods+ (PFD, House Stock, 139p) - Pension cash contributions suspended

Morning Note – 19 January 2024

Morning Note – 23 January 2024