Shares in M.P. Evans fall 5.3 percent after the producer of palm oil and beef cattle posts a 15 percent drop in first-half pretax profit and forecasts a reduced operating profit for 2009.
'Profits were hit by the large fall in the palm oil price from the exceptional levels seen in H1 2008,' says analyst Graham Jones of Panmure Gordon.
The broker trims its EPS forecast to 15.55 cents on a cyclical downturn and wet weather at one of the firm's associates, but says M.P. Evans 'continues to make strategic progress' and reiterates its 'buy' stance.
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