Boparan - comment

With a refinancing coming in November (using FY24 results), Boparan’s results continue to improve. We have been here before, and it would be a brave man to bet against the company hitting its 4.5x leverage target by the end of this financial year (… and an even braver one to be long any new bonds). The first quarter results beat our expectations in both top-line and EBITDA margins. Poultry volumes were up, which offset the lower feed prices. EBIT margins recovered to 4%, although this was against a particularly weak comp and will be lower in Q2. Meals and Bakery is finally passing through its inflationary costs, and EBIT margins returned to positive. There is a call at 12.30 today.

Aengus McMahonBOPARAN