Cranswick+ (CWK, House Stock, 4,094p) - Affirming FY24F expectations - robust Q4 expected

Cranswick+ (CWK, House Stock, 3,888p) - Q3 FY24F Trading update - Further upgrades

Cranswick+ (CWK, House Stock at 3,878p) - Bolt-on acquisition of Fronch Foods

Cranswick+ (CWK, House Stock at 3644p) - Momentum and investment driving upgrades

Addendum - Initial Equity Trading Comments - 25 September 2023

Cranswick+ (CWK, House Stock, 3606p) - Strong H1 24F sales and margin expected

Cranswick+ (CWK, House Stock at 3344p) - A return to UK food volume growth

Cranswick+ (CWK, House Stock, 3140p) - Larger, more diverse & better equipped

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

SHORE CAPITAL - Cranswick+ (CWK) - House Stock, 3140p - Robust Q3 delivery – cost inflation remains a headwind

SHORE CAPITAL - Cranswick+ (CWK) - House Stock at 3086p - A resilient performance in a “relentlessly challenging operating environment”

SHORE CAPITAL - Cranswick+ (CWK, House Stock, 3,334p)

SHORE CAPITAL - Cranswick+ (CWK) - House Stock 3,080p - Board appointments

SHORE CAPITAL - Cranswick+ (CWK) - House Stock at 3,158p - Further strong strategic progress – CPTP forecasts unchanged

M.P. Evans - In search of the sustainable magic money tree

MP Evans is one of the most efficient producers of sustainable palm oil in Indonesia with a proven track record of developing valuable plantations and, more recently, buying plantations at excellent prices. The 2022 spike in the CPO price created a surge in FCF which has supported the execution of its development strategy, evidenced by the two acquisitions in 2023 and the commissioning of a sixth mill in February 2023. MP Evans is at the start of a ten-year cash flow window where maintenance cap

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

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

LIBERUM: Genus: Time to go the whole hog?

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.

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 (

Morning Note – 25 April 2024

BWMX: 1Q Preview: Moving to the Offensive; Reiterate Buy, $22.50 PT

We are reiterating our Buy rating, projections and $22.50 price target for Betterware de Mexico with the company announcing 1Q24 (March) results after the close on Thursday. We believe, with momentum returning at the Betterware division, JAFRA remaining on a new product and marketing focus, the United States market becoming a larger emphasis and BWMX continuing to offer a compelling (and secure) dividend yield of 8.5%, BWMX remains well positioned to reward investors on multiple levels, and we r

Cake Box Holdings+ (CBOX, House Stock at 161p) - Robust trading - a modest upgrade

Greggs - A strong finish to FY23

Greggs (GRG) enjoyed a stronger-than-expected end to FY23 with sales ahead of our estimates and consensus forecasts, enabling GRG to meet its profit expectations for the year. GRG’s strong revenue growth and an improved profit performance in FY23 means it has fared better than many other consumer-facing names during the year. With lower inflationary pressures, the company enters FY24 in a better place with respect to its selling price versus cost inflation than at the start of FY23, when it was

Hybridan Small Cap Feast - 11 Jan 23

11 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

FY19 in line but Middle East excise duty headwind

Nichols’s trading update signals an in-line FY19 outcome driven by UK market share gains and good international progress. The main news today is the recent 50% excise tax on non-carbonated drinks in Saudi Arabia/UAE. This is a headwind going into FY20 which at this juncture is extremely difficult to quantify given c.80% of in-country sales of Vimto in the Middle East are made during the one month of Ramadan. Our analysis shows a potential c.£2.5-£4m PBT hit. Given the uncertainty we prudently fa

Growth Companies - Share & share alike Sell in May?

Anpario+ (ANP) - House Stock (from Buy), 208p - Appointment as NOMAD & Broker leads to withdrawal of recommendation.

Morning Note – 23 January 2024