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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
Companies: M.P. Evans Group PLC
Cavendish
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 (
Companies: TXG NDVA TSVT BCOW Z29 TXG NCYT GNS SUN AMS OMG APH EKF EAH IMM AGL DEMG AGY TSTL IPO GDR ETX TRX HVO CTEC AVO OXB DEST VLG IXI VAL INDV AGR AVCT BAI 123F IMCR BCOW
Hardman & Co
Weaker Q4 on sales and margins While sales continued on a positive trend, there was some slowdown in Q4, mainly in pharma technologies (slower increase of utilisation capacity than expected) and in consumer healthcare (tougher comparison). Group sales in Q4 grew 4% YOY vs 20% at 9M. Specialty pharma remained strong, helped by the osteoarticular business, particularly in Sweden and Poland. EBITDA margin decreased 80bp on lower gross margin, while EBIT came down 23% on a EUR1.3m impairment. Net d
Companies: LABORATORIO REIG JOFRE, S.A. (RJF:MCE)Laboratorio Reig Jofre (RJF:BME)
BNP Paribas Exane - Sponsored Research
Cyclical weakness in Carr’s Group’s Speciality Agriculture business has affected the company’s fortunes of late. However, the new management team, a strong net cash balance sheet and a record order book in the Engineering division offer optimism. Operational progress, particularly a reversal of fortunes in Speciality Agriculture, should rebuild confidence and a reduction in the current discount to our view of the underlying value.
Companies: Carr's Group PLC
Edison
NICL's FY23 results showed good progress made as the Packaged business continued to drive growth through product innovation and geographic expansion. Inflationary pressures were largely mitigated and the benefits from the restructuring of the Out of Home (OoH) business are starting to come through, leading to improved profitability. Free cash flow generation was very strong in the year, resulting in an improved net cash position of £67.0m (vs £56.3m at end-FY22). Given the high levels of cash on
Companies: Nichols plc
Companies: A.G. BARR p.l.c.
Shore Capital
We release new FY24 and FY25 forecasts, post the completion of the two packages of land in East Kalimantan on 27 November. Their impact is marginally earnings negative in FY24E with the acquisition benefits flowing from FY26E and we expect FCF and profits to accelerate over the next five years, at least driven by scale benefits and better management of the maturing plantations. Finally, we believe the land value will rise steadily in-line with yield improvements. We have increased our mill gate
1st February 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 obje
Companies: CPX GLR THRU CBOX VLG POW ARK BOKU
Hybridan
Companies: SGZ TXP CRPR SNX ARBB TON FA/ SBRY MTW BWNG HFG HUW UJO MOTR OBD NRR DEST CBOX SDX EYE FDM EPWN SAVE SCS W7L BRSD ACRL FAR BVC MWE MATD SENX
Companies: Anpario plc
Companies: Greencore Group Plc
Companies: Premier Foods plc
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