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  • 22 May 18
Small Cap Breakfast

Block Energy— UK based oil exploration and production company whose main country of operation is the Republic of Georgia. Raising £4m. Mkt cap £9.3m. Due early June. Codemasters Group— video game developer and publisher, specialising in high quality racing games. Offer TBA. Seeking £15m in primary. Due 1 June. Strongbow Exploration (TSX:SBW) intends to dual list on AIM. Holds rights to the South Crofty underground tin mine, a former producing tin mine located in the towns of Pool and Camborne, Cornwall . The project is estimated to require the Company to raise £25 million over the next 18 months to progress to a production decision. Offer TBS. Due June. Maestrano Group, a software company with operations in Australia (main country of operation), the UK, US and the UAE, is looking to join AIM. Offer TBC, expected late May. Yew Grove REIT—newly formed Company will pursue its investment objective by investing in a diversified portfolio of Irish commercial property. Offer TBA. Due Late May Team17 Group -video games label and creative partner for independent developers. 2017 revenues of £29.6m and Adjusted EBITDA of £12.9m. Raising £45.1m primary and £62.5m secondary at 165p. Mkt Cap £216.6m. Expected 23 May 2018

Companies: STCK GETB POLX MOGP PIL AGM NTOG BIRD SLE LSAI

  • 22 May 18
Small Cap Breakfast

Block Energy— UK based oil exploration and production company whose main country of operation is the Republic of Georgia. Raising £4m. Mkt cap £9.3m. Due early June. Codemasters Group— video game developer and publisher, specialising in high quality racing games. Offer TBA. Seeking £15m in primary. Due 1 June. Strongbow Exploration (TSX:SBW) intends to dual list on AIM. Holds rights to the South Crofty underground tin mine, a former producing tin mine located in the towns of Pool and Camborne, Cornwall . The project is estimated to require the Company to raise £25 million over the next 18 months to progress to a production decision. Offer TBS. Due June. Maestrano Group, a software company with operations in Australia (main country of operation), the UK, US and the UAE, is looking to join AIM. Offer TBC, expected late May. Yew Grove REIT—newly formed Company will pursue its investment objective by investing in a diversified portfolio of Irish commercial property. Offer TBA. Due Late May Team17 Group -video games label and creative partner for independent developers. 2017 revenues of £29.6m and Adjusted EBITDA of £12.9m. Raising £45.1m primary and £62.5m secondary at 165p. Mkt Cap £216.6m. Expected 23 May 2018

Companies: STCK GETB POLX MOGP PIL AGM NTOG BIRD SLE LSAI

  • 20 Oct 17
UK Food to Go

Ongoing labour cost challenges, higher input costs, sustained brisk organic sales volume growth and further room for innovation at both product and distribution level were the key investment features of the 2018 British Sandwich & Food to Go Association AGM and Conference, which was held in London yesterday. Moreover, the association had strong messages on food waste reduction and CSR, both of which are important as the industry body continues to lobby the UK government hard ahead of Brexit. The chief UK listed plays on Food to Go are Greencore (GNC LN, BUY, 310p), Cranswick (CWK LN, HOLD, T/P 2700p) and potentially Produce Investments (PIL LN, BUY, T/P 240p). Our overall industry stance remains positive.

Companies: GNC CWK PIL

  • 20 Oct 17
UK Food to Go

Ongoing labour cost challenges, higher input costs, sustained brisk organic sales volume growth and further room for innovation at both product and distribution level were the key investment features of the 2018 British Sandwich & Food to Go Association AGM and Conference, which was held in London yesterday. Moreover, the association had strong messages on food waste reduction and CSR, both of which are important as the industry body continues to lobby the UK government hard ahead of Brexit. The chief UK listed plays on Food to Go are Greencore (GNC LN, BUY, 310p), Cranswick (CWK LN, HOLD, T/P 2700p) and potentially Produce Investments (PIL LN, BUY, T/P 240p). Our overall industry stance remains positive.

Companies: GNC CWK PIL

  • 05 Oct 17
Digging in Well

Produce Investments’ (PIL LN, BUY, T/P 240p) released FY2017 results on 28th September 2017 where revenue beat expectations and matched EPS estimates. In this Quick Sharpener we update our forecasts and take the opportunity to increase our price target from 210p to 240p. BUY. Exhibit 1 details our changes to forecasts. We maintain revenue at £203m, FY2018 and £206m, FY2019. EBIT is increased 18.8% to £9.6m in FY2018 and 16.9% to £10.0m in FY2019. The rise in EBIT margin from 4.0% to 4.8% reflects operational efficiencies achieved through the newly integrated ERP system.

Companies: Produce Investments
  • 05 Oct 17
Digging in Well

Produce Investments’ (PIL LN, BUY, T/P 240p) released FY2017 results on 28th September 2017 where revenue beat expectations and matched EPS estimates. In this Quick Sharpener we update our forecasts and take the opportunity to increase our price target from 210p to 240p. BUY. Exhibit 1 details our changes to forecasts. We maintain revenue at £203m, FY2018 and £206m, FY2019. EBIT is increased 18.8% to £9.6m in FY2018 and 16.9% to £10.0m in FY2019. The rise in EBIT margin from 4.0% to 4.8% reflects operational efficiencies achieved through the newly integrated ERP system.

Companies: Produce Investments
  • 29 Sep 17
“Assembled Here Together”

A debate about why major US food manufacturers’ margins appear consistently higher than those achieved in Europe is, in our view, worth having. In particular, should greater willingness to outsource production processes and focus more on marketing, new product development, finance and strategic M&A be the answer, there could be significant revenue growth opportunities for those who act as food industry solution providers.

Companies: BN NESN ULVR CA GNC PIL CWK

  • 29 Sep 17
“Assembled Here Together”

A debate about why major US food manufacturers’ margins appear consistently higher than those achieved in Europe is, in our view, worth having. In particular, should greater willingness to outsource production processes and focus more on marketing, new product development, finance and strategic M&A be the answer, there could be significant revenue growth opportunities for those who act as food industry solution providers.

Companies: BN NESN ULVR CA GNC PIL CWK

  • 28 Sep 17
Core Organic Strength Central to Opportunity

Produce Investments’ (PIL LN, BUY, T/P 210p) FY2017 results were ahead of both our own and market expectations at the revenue level but matched consensus on EPS. On 21st September 2017 the company stated that trading remained in line with Board expectations whilst it announced key Board changes – i.e. Chairman Neil Davidson and NED Sean Christie will retire from the company this calendar year.

Companies: Produce Investments
  • 28 Sep 17
Core Organic Strength Central to Opportunity

Produce Investments’ (PIL LN, BUY, T/P 210p) FY2017 results were ahead of both our own and market expectations at the revenue level but matched consensus on EPS. On 21st September 2017 the company stated that trading remained in line with Board expectations whilst it announced key Board changes – i.e. Chairman Neil Davidson and NED Sean Christie will retire from the company this calendar year.

Companies: Produce Investments
  • 22 Sep 17
Core Organic Strength Central to Opportunity

Produce Investments (PIL LN, BUY, T/P 210p) announced yesterday that Chairman Neil Davidson and Non-Executive Director Sean Christie intend to retire from their respective roles at the time of the company’s AGM in November. The company is due to release preliminary FY2017 results on 28th September. Trading remains in line with Board expectations according to today’s press release.

Companies: Produce Investments
  • 22 Sep 17
Core Organic Strength Central to Opportunity

Produce Investments (PIL LN, BUY, T/P 210p) announced yesterday that Chairman Neil Davidson and Non-Executive Director Sean Christie intend to retire from their respective roles at the time of the company’s AGM in November. The company is due to release preliminary FY2017 results on 28th September. Trading remains in line with Board expectations according to today’s press release.

Companies: Produce Investments
  • 24 Mar 17
Eyeing Up Opportunity

Produce Investment’s (PIL LN, BUY, T/P 210p) interim profits were well beneath inferred market expectations as delays in the recovery of ex-farm potato prices coincided with unusual costs associated with the company’s implementation of a new ERP system. Interim EBIT fell to £0.2m from £3.4m last year.

Companies: Produce Investments
  • 24 Mar 17
Eyeing Up Opportunity

Produce Investment’s (PIL LN, BUY, T/P 210p) interim profits were well beneath inferred market expectations as delays in the recovery of ex-farm potato prices coincided with unusual costs associated with the company’s implementation of a new ERP system. Interim EBIT fell to £0.2m from £3.4m last year.

Companies: Produce Investments
  • 23 Mar 17
Small Cap Breakfast

K3 Capital Group—Schedule 1 from the Group of business and company sales specialists across business transfer, business brokerage and corporate finance. Admission date and fundraise details TBC. Integumen— Schedule 1 from the personal health company developing and commercialising technology and products for the human integumentary system. Raising £2.16m at 5p. Expected market cap £8.16m. Admission expected 5 April. Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march.

Companies: PIL GFIN SOLI CBP CRW IDEA SIS VELA VLG PGY

  • 23 Mar 17
Small Cap Breakfast

K3 Capital Group—Schedule 1 from the Group of business and company sales specialists across business transfer, business brokerage and corporate finance. Admission date and fundraise details TBC. Integumen— Schedule 1 from the personal health company developing and commercialising technology and products for the human integumentary system. Raising £2.16m at 5p. Expected market cap £8.16m. Admission expected 5 April. Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march.

Companies: PIL GFIN SOLI CBP CRW IDEA SIS VELA VLG PGY

  • 29 Sep 16
FY2016 Profits in line despite modest revenue beat

Produce Investments (PIL LN, BUY, T/P 210p) reported FY2016 preliminary results ahead of both our own and market expectations at the revenue level but with operating profits in line. Net revenue advanced to £185.1m from £178.4m in FY2015 – we were looking for £181.5m - while adjusted operating profits rose from £8.0m to £9.2m. Proposed full year dividend is 7.32p, a 2.2% gain on last year. The company is confident that despite challenging trading conditions, it is in “a strong position to grow.”

Companies: Produce Investments
  • 29 Sep 16
FY2016 Profits in line despite modest revenue beat

Produce Investments (PIL LN, BUY, T/P 210p) reported FY2016 preliminary results ahead of both our own and market expectations at the revenue level but with operating profits in line. Net revenue advanced to £185.1m from £178.4m in FY2015 – we were looking for £181.5m - while adjusted operating profits rose from £8.0m to £9.2m. Proposed full year dividend is 7.32p, a 2.2% gain on last year. The company is confident that despite challenging trading conditions, it is in “a strong position to grow.”

Companies: Produce Investments
  • 03 Jun 16
UK FMCG winners and losers from Brexit

The British referendum on EU membership is scheduled for 23rd June 2016. While opinion polls and bookmaker odds still bias towards “remain,” it makes some sense to assess briefly potential the FMCG winners and losers in the event of Brexit happening.

Companies: BATS DGE IMB RB/ SAB ULVR BAG BVIC CARR CWK DCG FEVR GNC PIL STCK TYR

  • 03 Jun 16
UK FMCG winners and losers from Brexit

The British referendum on EU membership is scheduled for 23rd June 2016. While opinion polls and bookmaker odds still bias towards “remain,” it makes some sense to assess briefly potential the FMCG winners and losers in the event of Brexit happening.

Companies: BATS DGE IMB RB/ SAB ULVR BAG BVIC CARR CWK DCG FEVR GNC PIL STCK TYR

  • 18 May 16
Digging up cash

Produce Investments is well placed to prosper, both in its core mainland GB potato business and in such useful additions as Jersey Royals and daffodils. A proven positive M&A track record is a major plus for a cash generative company with clearly achievable targets. In our view, valuation is attractive. BUY

Companies: Produce Investments
  • 18 May 16
Digging up cash

Produce Investments is well placed to prosper, both in its core mainland GB potato business and in such useful additions as Jersey Royals and daffodils. A proven positive M&A track record is a major plus for a cash generative company with clearly achievable targets. In our view, valuation is attractive. BUY

Companies: Produce Investments
  • 21 Apr 16
Produce Investments/SAB Miller

Produce Investments - Jersey Analyst Visit | SABMiller – Trading update | Diageo – Trading update

Companies: PIL SAB DGE

  • 21 Apr 16
Produce Investments/SAB Miller

Produce Investments - Jersey Analyst Visit | SABMiller – Trading update | Diageo – Trading update

Companies: PIL SAB DGE

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Produce Investments. We currently have 12 research reports from 2 professional analysts.

Open
N/A
Range Today
N/A
52 Week
164/220p
Daily Volume
N/A
# Shares
0m
Daily Liquidity
0.0%
Pension Liability
£8.95m
Enterprise Value
£75.8m
Market Cap
£44.6m
Latest PE (hist)
10.74
Div Yield
1.30

Latest News/RNS

(more news)
Date Source Announcement
19Nov18 11:30 RNS Offer Closed
08Nov18 07:00 RNS Timetable for Cancellation of Admission
05Nov18 15:08 RNS Cancellation of Admission
05Nov18 07:00 RNS Acceptances at First Closing
02Nov18 17:30 RNS Produce Investments
02Nov18 07:00 RNS Offer Wholly Unconditional
30Oct18 09:59 RNS Director/PDMR Shareholding
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  • 16 Jan 20
Cenkos: Finsbury Food Group Plc -- H1/20E Trading Update

Finsbury has delivered a positive H1/20E trading update in a challenging economic environment, with group organic revenue +4.7% YoY to £159.4m. A period of elevated capex has reached its end, resulting in increasing FCF for investors (c12% FCF yield for FY20E). We leave our forecasts unchanged, with the group on track to meet full year market expectations. Buy.

Companies: Finsbury Food Group
  • 20 Jan 20
Glad Q3 tidings….

Distil has performed strongly in its core Q3 trading period covering October to December despite a backdrop of economic uncertainty and generally weak consumer demand. Against a very tough comparative of 29% growth in Q3 last year, Distil has reported revenue growth of 7% for Q3 this year. This continues to be driven by RedLeg Spiced Rum, with volume sales increasing by 16% in an intensely competitive market. With the company remaining positive on the outlook for Q4, it expects full year profits to be ahead of last year and broadly in line with market expectations.

Companies: Distil
  • 14 Jan 20
LIBERUM: Science in Sport* - Trading ahead of expectations - strong BUY

SiS has set itself apart as one of the stand out performers having delivered sales ahead of expectations. Revenues are c.1% ahead of our expectations.

Companies: Science In Sport
  • 02 Jul 19
Where’s the Value?

Warren Buffett once said that as an investor, it is wise to be ‘fearful when others are greedy and greedy when others are fearful’. Fear is not in short supply right now.

Companies: OPM ALU ANCR BLV CONN CRC STU GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM

  • 24 Sep 19
LIBERUM: Hotel Chocolat* - Very well positioned for FY’20

FY’19 results are strong with the core business (ex-USA) delivering +13% sales and +20% PAT growth. The UK has seen trading and profits improve (YoY and H2 vs. H1) which is a noteworthy point highlighting the group’s growth and defensive qualities.

Companies: Hotel Chocolat Group
  • 19 Dec 19
Cenkos: Venture Life Group Plc -- Acquisition and Trading update

Venture Life Group announced it has agreed to acquire PharmaSource BV, a company which operates in similar markets to Venture Life and is based in the Netherlands. Venture Life will pay an initial consideration of €5.23m and a deferred contingent consideration of up to €1.27m, funded entirely from the company's cash reserves. We see a number of strong benefits from the acquisition, including wider distribution, potential cross-selling, future manufacturing benefits and operational cost synergies. The company has also announced a trading update, noting its results for FY19 have been affected by previously noted issues with its Chinese distribution partners. We maintain our Buy recommendation.

Companies: Venture Life Group
  • 14 Jan 20
Carr's Group - Engineering pipeline to offset weather challenges

Carr’s trading update for the first 18 weeks of FY20 notes that while trading in Agriculture was lower than expected, primarily because of the mild UK weather, the strong Engineering pipeline should enable the group to meet management expectations for the year. Management also notes that a greater weighting than normal to the second half is likely. We leave our estimates unchanged and reiterate our indicative valuation of 190p/share.

Companies: Carr's Group
  • 07 Nov 17
On Track Materially to Beat Expectations

Fever Tree (FEVR LN, HOLD, T/P 2100p) released an unscheduled trading statement today which states that the company is on track materially to beat earnings expectations in 2017. Clearly, momentum remains strong and the company reiterates its estimate that it currently accounts for around 97% of the growth in the mixer category which is the fastest growing UK soft drinks category at an annual rate of around 20%. The UK represents 48% of the company’s revenue.

Companies: Fevertree Drinks
  • 25 Sep 18
H1 results - steady as it goes

AG Barr has navigated a tricky H1 (sugar levy, snow, CO2 shortages and upside from hot weather) to deliver a satisfactory set of financials - sales up 5.5% which flowed through to a modest 4% uplift in PBT. The DPS has been nudged up by 5%. So a steady as it goes performance with no meaningful new news or surprise this morning, albeit we note that in revenue terms the company underperformed market growth of 7.7%. Management is guiding to no change to full year expectations this morning. Given low single digit growth expectations the valuation we feel looks full, with share buybacks being the main support over the last few months.

Companies: A.G. Barr
  • 15 Nov 18
Premier Foods - A more resilient business

Premier Foods’ H119 results demonstrate the business has become more resilient under the stewardship of outgoing CEO, Gavin Darby. Revenue growth of 1.0% in Q2 despite the hot summer was encouraging, and the UK relaunch of the Mr Kipling brand has clearly gone well. The news that Ambrosia may be sold suggests yet another step in the business transformation, although the price will determine the level of dilution and any change to net debt/EBITDA.

Companies: Premier Foods
  • 05 Feb 19
THE MONTHLY February 2019

This Investment Research Paper addresses the issue of renewable power generation in the UK and in mainland Europe, which – after the deep-seated financial crisis of 2008/09 and the ensuing recession – now has better prospects of achieving critical mass. It also considers investment perspectives.

Companies: OPM AVO AJB AGY ARBB AVCT DISH BUR CLIG CSH DNL DPP GTLY GDR HAYD KOOV MCL MUR NSF OXB PCA RE/ REDX STX SCE SIXH TRX TON VAL VTA W7L

  • 16 Sep 19
Cenkos: Finsbury Food Group Plc - FY19A Annual results

A strong H2/19A meant Finsbury reported LFL revenue growth of +4% for the year, outpacing the market. FY19A was largely in line with our expectations, and we leave FY20E forecasts broadly unchanged. A heavy capex period is reaching an end, resulting in rising FCF for investors (c18% FCF yield for FY20E). Buy.

Companies: Finsbury Food Group
  • 04 Nov 19
THE MONTHLY November 2019

The trade-off in the risk/reward for gold and gold mining equities is improving, as central banks push the current iteration of the post-World War II Bretton Woods financial order towards its limits.

Companies: AVO AJB AGY ARBB BUR CLIG DNL DPP FLTA GTLY GDR MCL MUR NSF PCA PIN ESRE PHP RE/ RECI RMDL STX SCE TON SHED VTA W7L

  • 14 Jan 20
FY19 pushed up by Europe and US improvements (finally)

Organic sales growth came in above market expectations (+6.1% organically vs. 5.8% consensus), especially thanks to a strong performance in Europe which was a good surprise. Broadly, commercial pressure persisted but the chocolate market worldwide slightly recovered (especially in terms of premium products), showing positive momentum. At the group level, the difficult environment in several markets (such as HK and Latin America) has been offset by strong European results and improvements in North America.

Companies: CHOCOLADEFABRIKEN LINDT-REG