Manufacturer and distributor of branded and own label food and beverage products.
15-Nov-2017 – 36.5p – £322.4m – PER 5
Half Year Results For The 6 Months To End September 2017 – Seems like a poor update to me and there’s plenty of concerns here for me anyway.
There’s loads of Net Debt of over 150% of Mkt Cap and the Pension deficit of circa £100m takes this to 200% of Mkt Cap, give or take a few quid. And, the issue of a new £210m high yield bond in June! This just looks like trouble ahead and it’s not for me.
16-Jan-2018 – 42.75p – £358.0m – PER 5.60
Q3 Trading Statement For 13 Weeks To 30-Dec-2017 – LFL Q3 and YTD Revenues up slightly, a few percent or so. Outlook is unchanged.
There’s still loads of Net Debt here (well over 100% of Mkt Cap) and the Pension Deficit is about £100m. Still can’t get excited here.
15-May-2018 – 37.75p – £317.3m – PER 5.0
Preliminary Results For The 12 Months To End March 2018 – Seems slightly ahead of market expectations.
Although slightly ahead it’s probably about right for a company on a PER of 5.0. Still loads of Net Debt here (well over 100% of Mkt Cap) and a Pension Deficit of about £300m. I will remain Neutral.
18-Jul-2018 – 46.85p – £393.9m – PER 5.94
Trading Update For The 13 Weeks To End June 2018 – Q1 sales up 1.7%, H1 sales up 4.5% and FY expectations are unchanged.
Could be great value here (Stockopedia Value score of 88) but the Net Debt keeps me well away.
13-Nov-2018 – 38p – £330.1m – PER 4.8
Results For The 26 Weeks To 29th September 2018 – Revenue up slightly with Adjusted PBT and EPS up 14.3% and 13.8% respectively although a statutory loss is reported. FY expectations unchanged. Net Debt is still HUGE here at £509.5m – The CEO will step down at the end of January 2019.
The Net Debt still keeps me well away here – It’s on my Avoid list for now.