Ugly 9M

9M update: sales were down 11% with the EBITDA margin contracting to 2.8%. The net loss for the period stood at €-63m. By region, Southern Europe recorded a sales contraction of 8% and the EBITDA margin was at 4.6% (-60bp). Northern Europe’s sales were down 14%, whereas the EBITDA margin stood at 1.9%. North America recorded -12% in sales with the EBITDA margin at 5% (vs. 17% a year earlier). The International businesses’ revenues were down 6% and the margin stood at 11.2% (-110bp).

A weak H1

H1 update: sales were down 9.4%, whereas EBITDA contracted by 35.5% to 4.2%. The net loss for the period stood at €-49m (impacted by the impairment of intangible assets of €37.4m and the EBITDA contraction). By region, Southern Europe recorded a 5% contraction in sales, whereas the EBITDA margin dropped by 120bp. Northern Europe recorded 19% in sales and the EBITDA margin progressed by 70bp. North America was very weak with sales down 8% and a margin contraction to 7.5% (vs. 19.5% yoy). The Int

Q3: profitability weaker than expected

9M update: sales were down 1.2% with the EBITDA margin standing at 5.2%. The net loss for the period stood at €-5m. By region, Southern Europe recorded +2% sales progression and the EBITDA margin at 5.2%. Northern Europe continues its weak performance with sales down 19% and an EBITDA margin contraction to -0.9%. North America recorded -5% in sales with the margin at 17%. The International businesses’ revenues were up +3% and the margin stood at 12.4%. The increase in general restructuring cost

H1: slightly reduced net loss

H1 update: sales are up 1.5%, whereas the EBITDA stood at 5.9%. The net loss for period stood at €-5m. By region, Southern Europe recorded a good +3.5% sales progression and EBITDA margin expansion to 5.6%. Northern Europe had a very weak performance with sales -13% and an EBITDA margin contraction to 0.7%. North America performed well with sales -3.9% but a margin progression of 240bp to 19.5%. The International business also ran well with revenues up +6.8% and margin expansion to 13.9%. The i

H1: no major changes

Deoleo’s H1 update: Vegetable oil sales were down 17.5%, whereas the EBITDA margin contracted to 5% (vs. 5.7% last year). The net loss for the period widened to -€19.8m (vs. -€9.8m in Q1 16). Net debt stood at €543.5m vs. €548.4m in Q1.

Q1: another quarter with net loss

Deoleo released its Q1 update. Sales were down 16%, whereas the EBITDA margin contracted 70bp to 5.7%. The loss for the period stood at €9.8m. Net debt grew by +4.4% to €548.4m due to the seasonal effect of the crop campaign.

Another poor year recorded; capital increase cannot be excluded

Deoleo recorded another very poor quarter and the full-year results came in below our expectations. Although FY net sales were up +5.7%, the EBITDA margin contracted by 65% to 2.5%. The company’s performance continues to be impacted by the high prices of raw materials in Spain, coupled with promotional pressures in the market. On a FY basis, the Spanish unit recorded a slump in sales of -17.6% and a negative margin of 5.9% (vs. 5.04% in FY14). The group expects EBITDA to be positive as from th

Very poor H1 results

Deoleo released its H1 results. Sales were up by 12.3%. Revenue by unit: North America (+18.6%), International markets (+8%), Southern Europe (14.95%) and Spain (+18.65%). EBITDA halved (€22.7m vs. €41.88m yoy) and the EBITDA margin was down by 610bp. EBITDA by unit: North America (+38.1%, +210bp), International markets (-16.27%, -280bp), Southern Europe (-48.22%, -420bp) and Spain (-58.77%, -410bp). Net debt rose to €542m (due to higher raw material prices). The company reported a net lo

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

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

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

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