Interim results were in line with the 17 October trading update, with sales rising 11% to £6.8m or 3% at constant exchange rates (CER). Adjusted pre-tax profits rose 8% to £0.6m. The principal growth driver was Food Intolerance, which saw sales rise 15% (6% CER) to £3.8m, representing 56% of sales, with a particularly strong performance from FoodPrint (+46%) following a new account win in the US. We retain our target price of 28p, which implies a FY 2017 EV/Sales of 2.1x, in
21 Nov 2016
Interim results – in line
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Interim results – in line
Cambridge Nutritional Sciences PLC (CNSL:LON) | 3.2 0 0.0% | Mkt Cap: 7.73m
- Published:
21 Nov 2016 -
Author:
Mark Brewer | Cavendish Research -
Pages:
12
Interim results were in line with the 17 October trading update, with sales rising 11% to £6.8m or 3% at constant exchange rates (CER). Adjusted pre-tax profits rose 8% to £0.6m. The principal growth driver was Food Intolerance, which saw sales rise 15% (6% CER) to £3.8m, representing 56% of sales, with a particularly strong performance from FoodPrint (+46%) following a new account win in the US. We retain our target price of 28p, which implies a FY 2017 EV/Sales of 2.1x, in