Cranswick’s H121 results underscore the company’s strength and broad-based positive momentum. Revenues were up an impressive 17% on a like-for-like basis, adjusted operating profit was up 31% to £62m with margins up +50bp, and adjusted EPS was up 30% to 93p, with reported EPS up 12%. The interim dividend was up 12% to 18.7p, and net debt (excluding IFRS 16 lease liabilities) was £54.6m. Cranswick has made a strong start to the year. Management is understandably cautious given uncertainty surrounding both the pandemic and Brexit, but the outlook for the current year remains unchanged.

Cranswick plc

• 25 Nov 20
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Today's news & views, plus announcements from KGF, MRO, UU, BAB, BRW, FUTR, GNS, HICL, LIO, AEXG, FUL, KWS

AEX GNS HICL

• 25 Nov 20
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Launch of Lysoveta, LPC-EPA/DHA from krill (first of its kind) 6 years of science, regulatory approval expected by end-2022 Unlocking new opportunities and opens new large markets We view the announcement as highly supportive

Aker BioMarine AS

• 24 Nov 20
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Icelandic Salmon recently completed a NOK 500m private placement to fund investments towards ~30’t in 2024, up from 12’t in 2020. Although we see short-term risks related to Covid-19, we believe the company possesses the most attractive long-term prospects among the traditional farmers, supported by an industry leading owner. We stick to our Buy recommendation and our target price of NOK 150, reflecting an EV/kg of NOK 153 in 2024.

Icelandic Salmon AS

• 23 Nov 20
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Both of Carr’s Group’s divisions have continued to operate throughout the coronavirus lockdowns as they serve key markets. While adjusted PBT was 17% lower year-on-year during FY20 because of an unseasonably mild winter in the UK and delays in engineering contracts, a pick-up in US cattle prices at the year-end helped deliver a full-year result ahead of our estimates, which were revised down in March.

Carr's Group PLC

• 23 Nov 20
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The group has continued to grow strongly in Q3, albeit at a slightly reduced pace compared to H1. Revenues for the first nine months (9M) were significantly higher than last year due to higher volumes as consumers were at home, particularly during Q2. Margins expanded owing to higher operating leverage and improved industrial efficiency as the 2018 investment plan is almost complete and starting to bear fruit. We continue to see upside to our forecasts, as La Doria benefits from the prolonged pandemic-related shift in consumption.

La Doria S.p.A.

• 23 Nov 20
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Cake Box’s interim results reconfirmed the company’s resilience in the face of extremely adverse circumstances for UK High Street retailers. Cake Box reported only single digit declines in sales revenue and profits in the period as the business benefited from its flexibility, financial strength, and an ongoing customer commitment to celebration. In our view, celebration’s resilience as a category, product innovation, increased outlets, and a commitment to “steady, sensible and sustainable” growth, augur well for further revenue expansion. Yet the group’s valuation remains attractive.

Cake Box Holdings Plc

• 23 Nov 20
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Finsbury's AGM statement confirms that trading has remained resilient in FY21E, with the group expecting to deliver improved revenue and profitability this year. As such, with visibility improving, we are reinstating forecasts (FY21E Adj EBITDA of £26.0m). We also update our rating to Buy (from Under Review), which is driven by the group's low valuation (c7.7x FY21E P/E), planned reinstatement of the dividend (3.8% yield), and the increasing levels of FCF available to shareholders (11% FCF yield) now that the group has reached the end of a period of heavy investment.

Finsbury Food Group plc

• 19 Nov 20
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