Wynnstay Group+ (WYN, House Stock, 430p) - Tough H2 –FY23F downgrades - FY24F recovery

Britvic - Brand portfolio proving resilient

Britvic reported robust FY23 results despite the weaker consumer environment, reflecting the resilience of its brand portfolio. Price/mix offset limited volume declines resulting in revenue growth of 6.6%, despite unfavourable summer weather and tougher comparators. Inflationary pressures were mitigated through pricing actions and cost discipline, as adjusted EBIT grew 6% at a margin of 12.5%. Investment in its existing brand portfolio and the recent addition of two bolt-on acquisitions in high

Greencore Group+ (GNC, House Stock at 102p) - FY23A results - Improving mood music

Greggs - FY23 profit expectations reiterated

Greggs continues to generate premium sales growth through a combination of volume, including market share gains as distribution increases, and price growth. The strength of underlying trading in Q323 is highlighted by management’s confirmation of consensus FY23 PBT expectations despite the addition of new costs for expanding the company’s delivery offer to a second platform and a slight delay in some store openings from the end of the year into FY24.

Wynnstay Group+ (WYN, House Stock at 405p) - Effective Group Finance Director succession

Greencore Group+ (GNC, House Stock at 102p) - The three horizons...

LIBERUM: Cake Box: Looking into a bright future

Carr's Group - Progressing to plan

FY23 trading has continued according to the early August update, demonstrating the benefit of two unrelated activities at Carr’s Group: the Engineering division’s strength countering the weakness seen in the Speciality Agriculture business. Both have underlying longer-term growth attractions to drive earnings, along with the recovery potential in the agriculture end-markets.

Morning Note – 11 September 2023

Greggs - Profits on the go

Greggs has entered the second full financial year of its five-year growth plan having exceeded our initial FY22 revenue estimates, helped by elevated external inflationary pressures, and with profit in line with management’s expectations. Despite the more challenging external environment, Greggs made good progress with the majority of its revenue growth initiatives in FY22. Following the expected normalisation of the cost base, which hampered profit growth in FY22, we forecast more consistent pr

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

M.P. Evans - Big strides on strategy, good interims, no change to forecasts

There has been some seasonality that has affected H1 crops and production performance, but production has rebounded strongly in July and August, the CPO price has declined slower than we anticipated, and fertiliser costs have fallen. Consequently, we leave our forecasts unchanged. It’s been an exceptional couple of years for profitability and FCF generation for MP Evans; this cashflow is being put to good use and is funding an ongoing programme of share buy-backs and acquisitions, with two annou

THE MONTHLY March 2019

In the investment world, before MiFID II, essentially every institution talked to every broker, and the whole, professional market could see every research note and the forecasts in detail. This was the ‘Age of Consensus’. Everyone had the same information (well, everyone except retail investors), and this transparency helped share price formation and liquidity

THE MONTHLY March 2020

Much of the UK’s privatisation programme took place between the early 1980s and the mid-1990s: subsequent sales have been few. Undoubtedly, privatisation attracted many private investors to the market, many for the first time.

UK Food to Go to remain the focus