SHORE CAPITAL - Wynnstay Group+ (WYN, House Stock at 474p)

Morning Note – 21 March 2023

M.P. Evans - Another strong year

MP Evans has delivered another strong year driven by an excellent crop and production performance and the continuing strength of the CPO price. However, profits are a tad below our top-of-range forecasts due to higher-than-expected cost pressures, namely fertiliser and the cost of buying in fresh fruit bunches (FFB), but cashflow and the dividend is better than forecast. Current trading is encouraging with production performance and the CPO price ahead of our assumptions. FY22 cashflow performan

SHORE CAPITAL - Cranswick+ (CWK, House Stock, 3014p) - A robust end to FY23 expected; well set for FY24

Hybridan Small Cap Feast - 30 Jan 23

30 January 2023 @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

Carr's Group - Details of FY22 performance

Carr’s Group has released its audited results for FY22, having previously issued a detailed trading update in February giving preliminary financial metrics on FY22 performance. The shares were suspended from trading in January because of delays in publishing these results. The company has applied for them to be restored to trading.

Hybridan Small Cap Feast - 01 Feb 23

01 February 2023 @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 objec

SHORE CAPITAL - Cake Box Holdings+ (CBOX) - House Stock at 117p - Appointment of Chief Financial Officer

SHORE CAPITAL - Cake Box Holdings+ (CBOX, House Stock at 109p)

Steady progress in line with expectations

LIBERUM: Cake Box* - A tough period in H1 but the outlook is much improved

Hybridan Small Cap Feast 09/01/2023

Dish of the day Joiners: Hydrogen Utopia International (HUI.L) (AQSE: HUI) has dual listed on the Standard Segment of the Main Market. The Company's Ordinary Shares, which were already trading on the Access Segment of the Aquis Growth Market, has also moved to trading on the AQSE Main Market today. (09/01/23) While we were away: Streaks Gaming plc (STK.L) has joined the Standard Segment of the Main Market. STK develops casual games and a conversational gaming platform with a focus on partnering

N+1 Singer - Anpario - Strong H2; in line FY results

Anpario’s full year results are in line with expectations, following a strong and improved H2. The group is still in a transition phase, building strong commercial relationships with end users and appointing regional teams, and we believe the group will continue to grow as a result. Anpario currently trades on a 2017 EV/EBITDA of 11.7x, going to 10.8x in 2018. We feel this is an undeserved discount to its peer group (c.17.8x 2017 EV/EBITDA). We remain at Buy.

Modest forecast changes; remain at Hold

Anpario’s full year results highlighted a period of strong growth with momentum reportedly continuing into 2018. The group remains focused on building strong commercial relationships with end users and we expect the initiatives to help the group deliver our 11% sales growth estimate in 2018. We make modest adjustments to our forecasts this morning and increase our Target Price by 2p to 434p. We remain at Hold.

Vimto brand strength reinforced in 2022

We are impressed with todays YE update, further reinforcing the resilience of the Vimto brand against a difficult consumer and cost backdrop. Revenue grew 14%, with International a key stand out and PBT in line with market expectations (+16% y/y). The OoH strategic review is near complete and will be unveiled at the March finals. We anticipate a robust plan to lift profitability from FY24. There is also good news around succession planning with a new Chair appointed. Outlook commentary for FY23