FY2015 ‘headline' PBT was marginally ahead of our forecast, at £8.1m (£7.7m-2014) following an upgrade in July. Revenues declined 8.4% to £492m reflecting the impact of lower oil prices in Fuels and commodity prices in Feeds. There was a strong recovery in Feeds in the second half and good performances from Food & Fuels. Strong cash generation leaves debt (at £5.9m) at a 10-year low. The full year dividend has been raised by 5.9% to 5.4p. The shares have perf
