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Food Producers - Trading Comments - WYN
WYNNSTAY GROUP+ (WYN, House Stock, 530p) – Another strong trading update; upgrades!
Companies: Wynnstay Group plc
We were impressed with Diageo’s presentation as it once again demonstrated its ability to outperform the spirits market, which is itself in a strong position to outperform the drinks industry. Buy and hold.
Companies: Diageo plc
In 6-month period that has been impacted by well-versed challenges from labour availability, logistical
constraints, and broad-based inflation (commodities, utilities etc.), Cranswick has once again delivered a
strong performance, both on a one and particularly a two-year basis. H1 22 sales increased by 6.4%, with
EBIT ahead by 12.3% - 29.0% and 46.8% respectively over two-years, underpinned by a combination of
elevated demand and new facilities/ business wins. We leave our profit forecasts
Companies: Cranswick plc
Dekel Agri-Vision have published its October production update. Average CPO price per tonne was up 51% at €960 per tonne continuing its strong rally YTD.
Companies: Dekel Agri-Vision Plc
Origin Enterprises (‘Origin’) the provider for crop inputs, specialist agronomy advice and digital
agricultural solutions to the Irish/UK, European and LATAM farming communities has today
published its Q1 FY22F (August to October) trading update. We note the Group generates c90% of
its operating profit in H2 given the planting cycle so Q1 tends to be seasonally quieter.
Overall, Origin has made a strong start to FY22F which has been driven by favourable autumn/winter
planting levels compared to
Companies: Origin Enterprises Plc
Companies: Genus plc
Nichols has enjoyed a stronger than anticipated Q3, prompting the management to issue a positive 9m trading update. This signals a full year outcome “ahead of current market expectations.” Good momentum has been seen across the UK and Internationally. Looking ahead to 2022 the challenge will be managing inflationary pressures but history shows Nichols has a good track record on this front. We upgrade our FY21 PBT by 17%. For FY22 we upgrade by 7% to bring us into line with consensus. With the co
Companies: Nichols plc
Kellogg delivered a strong quarter driven by a robust top-line growth driven by incremental brand-building investment. The company faced its fair share of inflationary issues including commodity price surges, supply chain problems, and rising prices for packaging and freight which resulted from an imbalance of supply-demand. These might take a few more quarters to get resolved. The management team is also working hard to mitigate the margin impacts of these high costs. While their productivity a
Companies: Kellogg Company (K:NYSE)Kellogg Company (K:NYS)
Companies: Hotel Chocolat Group Plc
A brief year-end trading update with not a huge amount of details. The main point is that post the July 2019 profit warning, the PBT performance through a combination of mix and cost savings has come in towards top-end of market expectations, implying c18% y/y decline. So a c3% beat vs our £36.5m. Revenue decline at -9% however was worse than our -7%. This reflects ongoing challenges with the Rubicon and Rockstar barns and lower Irn-Bru volume due to price realignment. Net, the company had a bet
Companies: A.G. BARR p.l.c.
The Budget offered a clear picture of the state of the economy. Put simply, the economy will be 3% smaller in three years’ time than it would have been without the impact of the pandemic. However, it is forecast to return to pre-pandemic levels by mid-2022, six months earlier than previously thought. The OBR forecasts that the UK economy will grow by 4.1% in 2021, (lower than the 5.5% outlined in November 2020). It has set its GDP forecasts in 2022, 2023 and 2024 at 7.3%, 1.7% and 1.6%. Positive
Companies: AMYT ARBB CEG BVC BEG BRSD BWNG CBOX CTG CLG CML CWK EYE ECHO EML ESC FBD FA/ GSF HTWS INSE JDG MACF MTW NESF NAVF NSF NBI OTMP PCF PPC QFI SAVE SEN SNX TGL UTL VLS WYN
Wynnstay Group (‘Wynnstay’) has today (30 June 2021) issued a very positive set of interim results for the period ended 30 April 2021. The Group’s balanced business model has come to the fore and delivered record HY pre-tax profits. Trading momentum from H2 FY20A across feed and the Specialist Agriculture Merchanting division has continued in H1 FY21A and has been ahead of management and our expectations. Following the outperformance in feed and Merchanting more than offsetting a weaker arable p
What a difference a year makes - 12 months ago, the focus, quite understandably, was on the course of the pandemic and the lifting of the Lockdown (1) measures. For investors, it was the sustainability of the rally in markets seen since March 2020. Today, while we are still thinking about the lifting of lockdown measures, we are also concerned about two “old favourites” from previous decades. Inflation and the parlous state of public finances. The BoE has said that although CPI inflation rose to
Companies: ACIC BVC BAG BRSD BWNG CBOX CEG CTG CLG CML CRPR DNK EML ESC FAR FA/ GPH INSE MTW MOTR MMAG NRR NESF NMCN NSF OTMP OBD SAVE SCS STVG SNX SYS TMG TGL VLS VOG WYN
Britvic’s Healthier People, Healthier Planet strategy proactively addresses the key environmental, social and governance (ESG) issues it faces, including consumers’ health, packaging and waste, water usage, and supply chain management. Its sustainability targets for 2025 are the continuation of ongoing actions to meet stakeholders’ expectations and contribute to a more sustainable future. At the same time, management looks far beyond the targets and takes a broad ESG approach towards both busine
Companies: Britvic plc