AG Barr - Fizzing away

AG Barr’s (BAG’s) FY23 results highlighted the strength of the brand portfolio as group volumes (+2.4%) outperformed the UK soft drinks category decline of 2.9%. Key brands IRN-BRU (33% of FY24 revenue) and Rubicon (19% of FY24 revenue) grew 8% and 15%, respectively, as flavour innovation and format mix helped to drive volume growth. Management anticipates margin enhancement initiatives to yield a 100bp operating margin uplift in FY25, aided by greater in-sourcing and other efficiency gains. M&A

AG Barr+ (BAG, House Stock, 514p) - A Boost to margin rebuilding - 10% upgrades

AG Barr+ (BAG, House Stock, 568p) - Upgrades to FY24F - new CEO announced

AG Barr+ (BAG, House Stock at 506p) - Rio bolt-on broadens the brand portfolio

AG Barr+ (BAG, House Stock at 485p) - In line H1 24A results, robust guidance, a high-class medium-term growth story

AG Barr+ (BAG, House Stock at 472p) - Upgrades as strong H1 24F trading is confirmed, plus a changing of the guard

AG Barr+ (BAG, House Stock at 486p) - A balanced investment case

SHORE CAPITAL - Share & share alike

SHORE CAPITAL - AG Barr+ (BAG) - House Stock at 517p - Taking full control of MOMA Foods

SHORE CAPITAL - AG Barr+ (BAG) House Stock, 505p

SHORE CAPITAL - AG Barr+ (BAG, House Stock at 543p)

SHORE CAPITAL - AG Barr+ (BAG, House Stock at 532p)

SHORE CAPITAL - AG Barr+ (BAG, House Stock, 496p)

SHORE CAPITAL - AG Barr+ (BAG) House Stock, 468p

Back to skool!-“Back to life, back to reality”

Carr's Group - An enhanced value creation strategy

Carr’s Group has announced an updated strategy that offers the potential for value realisation and creation from a number of avenues. These include: value realisation of the Engineering Division; the ability to significantly reduce central costs; and longer-term value creation in the Agriculture Division as a focused business with recovery potential and a strategy to leverage its strong market positions for growth.

M.P. Evans - Tougher year but growing cashflow outlook drives optionality

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

Anpario+ (ANP, House Stock at 230p) - FY24F upgrades - recovery play

Greggs - Showing us how it's done

The second full year of Greggs’ five-year growth plan to double revenue by FY26 should be marked down as very successful, especially so given the challenging external environment. Unlike many consumer-facing companies, high selling price inflation was accompanied by volume growth, leading to good market share gains. The consumer is responding well to new initiatives to grow revenue in new dayparts and digital channels. Profitability was well-managed with better recovery of input cost inflation t

Hardman & Co Healthcare Index: 2023 – Capital demands dent performance

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 (

Initial Equity Trading Comments - 16 May 2023

Ocean Harvest Technology - Harvesting the power of seaweed

Ocean Harvest Technology (OHT), based in the UK, produces animal feed additives products using a composite of blended seaweed. Its patented products have been shown to enhance growth rates in livestock, increase feed efficiency and improve egg quality and quantity for laying poultry. As OHT operates in an attractive market, there is significant potential for its proprietary technology to drive volume growth as awareness of its product benefits increases, along with improving financials.

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

Hybridan Small Cap Feast - 20 Mar 24

20th March 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 object

Initial Equity Trading Comments - 20 March 2024

Morning Note – 11 September 2023

Premier Foods+ (PFD, House Stock, 140p) - Strong trading & share gains

Premier Foods+ (PFD, House Stock, 139p) - Pension cash contributions suspended

Morning Note – 19 January 2024

Morning Note – 23 January 2024