MPE has reported excellent results for the year ending December 2019. Total crop handled by MPE exceeded one million tons for the first time and exceeded our expectations by c9%. As a result, revenue was c10% ahead of our expectations, adjusted PBT c30% ahead. We are upgrading FY2020E adjusted PBT by c12% but this could prove conservative as we see significant potential deflation on the cost base while tension appears to be entering the CPO market. We expect MPE to maintain its dividend in FY
31 Mar 2020
M.P. Evans - Excellent FY2019A results, upgrades for FY2020E
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M.P. Evans - Excellent FY2019A results, upgrades for FY2020E
M.P. Evans Group PLC (MPE:LON) | 858 103 1.4% | Mkt Cap: 455.3m
- Published:
31 Mar 2020 -
Author:
Michael Clifton | Cavendish Research -
Pages:
12
MPE has reported excellent results for the year ending December 2019. Total crop handled by MPE exceeded one million tons for the first time and exceeded our expectations by c9%. As a result, revenue was c10% ahead of our expectations, adjusted PBT c30% ahead. We are upgrading FY2020E adjusted PBT by c12% but this could prove conservative as we see significant potential deflation on the cost base while tension appears to be entering the CPO market. We expect MPE to maintain its dividend in FY