Boparan - comment

Q2 Revenue was marginally beneath our expectations due to lower feed prices; this depressed EBITDA to £34m vs our£42m forecast. LTM Adjusted EBITDA is now £142m. Cash flow was significantly boosted by a £21m working capital inflow, which substantially reversed the -£30m in Q1. Boparan is still tracking to be in a position to refinance its bonds in Q4. The call is at 1230 GMT today, and we will update you after this.