Member Info for 1pencil

Good to see Nestlé Health Science partnership expanding:

https://www.vitalproteins.com.au/?ref=aftership

Have to go back over my notes but think that's 3/4 out of their portfolio

https://www.nestlehealthscience.com/brands

Its not always clear from the home page, for example Heinz to Home is still owned by Heinz but when you check out the order is fulfilled by Ingenuity with logo.

Top 500 Ingenuity sites appears to have updated, quite a few additions which are new to me (or may have missed before).

https://www.revlonhairtools.shop/?ref=aftership

https://www.kickers.co.uk/?ref=aftership

Here we go...

https://heinztohome.co.uk/

Maybe Kraft Heinz are one of the larger customers (note didn't use the large fish word)

Wasn't there something to do with beans ?

Tinglyteds is part of the Heinze ketchup bit

https://www.tinglyteds.com/terms-conditions.list

(..whale is not a fish, its a mammal lol)

https://www.plasmon.it/

https://www.just-food.com/news/kraft-heinz-owned-plasmon-reveals-investment-plan-as-sale-talk-ebbs/

Came across this in my archives;

"A spokesman for Marshall Wace declined to comment on individual positions. But he said that the firm’s overall exposure to German stocks was flat — meaning bets on falling prices were balanced by bets on rising prices.

Some bets on rising prices are not publicly disclosed, he added, because the regulatory threshold for such positions is higher."

https://www.ft.com/content/43ed34c6-9e77-11e9-b8ce-8b459ed04726

It was the first one I came across as not that important, its also more difficult in the UK as you have to wait for rule 8's to show corresponding long side, hence the gap in dates.

Over 24,000 stores in total, Tesco has around 4,752 worldwide.

https://www.family.co.jp/english/company/store.html

Bit of an 'Ocado' feel to it, cheers for posting.

"Every day I’m increasingly reminded of how global THG has become. Social media is great for this. Japan, South Korea and other Asian countries are important markets for Myprotein. At the end of last year, we launched a single chocolate protein drink across 15,500 FamilyMart Co.,Ltd. stores in Japan via a licensing deal. It's the only place you can buy this product."

The Jan update was pretty unequivocal,

"During 2023, the Group expects to add over £1 billion incremental GMV to the Ingenuity platform."

This suggests a high degree of confidence from the board in forecasting such, perhaps it stems from already signed up customers awaiting NJ to come onstream.

Not much coverage on social media for NJ, hope this indicates a bit of fan fair planned for ribbon cutting ..

Commentary on ICON from 2021 f/y results, would expect to see similar with New Jersey underpinning CFO's free cash flow projections 2024.

"Due to the ongoing savings versus a manual warehouse, ICON generates monthly recurring CPU savings, and is forecast to breakeven on the upfront capital expenditure (“capex”) of commissioning the AutoStore solution within 24 months from the warehouse opening. In addition, these savings help mitigate some labour wage inflation seen currently due to the reduced labour intensity of the THG Voyager operating model.

The second Voyager/AutoStore warehouse will be located in New Jersey, providing significant cost efficiencies to the Group’s US fulfilment business."

This year we should start to see the fruits of these long term investments, not only with increased productivity but also a sharp reduction in setting up costs:

THG results (extracts)

• Additional costs are incurred relating to the period of testing and commissioning that is required to ensure a facility is operating as expected. Such costs are non-underlying and therefore included within adjusting items.

• Costs relating to the migration of production operations and processes to the new sites as part of this expansion of the fulfilment network include testing of new production processes and resolution of any commissioning protocols required before production is fully operational.

• Bulk internal warehouse transfers from existing THG facilities are often required during the set up/commissioning period for a new facility. These costs are non-underlying in nature.

• Additional shipping costs are incurred when the products within a single customer order is fulfilled by shipping from two different warehouses, due to stock being split across two sites during the commissioning period for a new facility. This results in duplicated postage costs on a single order.

Recent coverage;

Today we have announced our global distribution partnership agreement with AutoStore™, using its first ever pay-per-pick model.

https://www.linkedin.com/posts/thg-ingenuity_today-we-have-announced-our-global-distribution-activity-7032042034597101568-cJSC/?utm_source=share&utm_medium=member_android

Some exciting news today, and a little insight into the robots powering thousands of beauty orders daily.

https://www.linkedin.com/posts/andywoodbiz_thg-thehutgroup-autostore-activity-7032419039008202753-gRrA/

Canary, ref to 'Pay per Pick' model ?

Copy the above link into Google, worth having a scoot around to appreciate sheer size (crazy SUV in one of the shots)

Lots of potential cost savings, ex-Amazon bod now head of Operations

https://www.linkedin.com/in/michal-binkowski-352330134/?originalSubdomain=uk

Should go live soon..!

Comparing the short interest on BGNE which is fairly static at around 2m, the last three updates for HCM on the other hand show decent size reductions possibly down to the Takeda deal in January.

Just have to wait it out until they are finished closing.

Is there a date for this years AGM, thought it might be a good oppo to rub shoulders with some of the holders/get feedback on current strategy?

NASDAQ Short interest declining nicely, now at 12 month low.

https://www.nasdaq.com/market-activity/stocks/hcm/short-interest

I'll pop across to HK and have a look there too.

It could be both Sparta and Kelso wait until April results, this way they have a complete up to date picture of where the company is at, if there's any further weakness it will give them a chance to engage with other holders if that's their plan.

My hope is the Jan TU was a bit of a 'kitchen sink' jobbie to give Damian a clear start with his new role as CFO, also clears the way for 2023 f/y.

Whatever happens its exciting times for shareholders, never a dull moment :)

Canary, having worked for several listed companies I can say with a fair degree of confidence that's not how it works, otherwise the board would be functionless.

Drafting RNS's is extremely difficult in order to get the right tone. Trigger words need to be avoided (hedge funds scan RNS's, point score) whilst still remaining factually accurate - even basic mundane communications can take 2/3 days before final approval, it really is an onerous task as no one wants to get it wrong lol

Personal holdings have nothing to do with the day to day decision making/communication process.

Kando - Q4 TU was clearly poor but there could be other reasons why it was not flagged up in earlier guidance. Last minute decision to shutter part of the unprofitable business (on demand) if trading had deteriorated in Xmas run up, also postal/courier disruption paid a part, both these events were unforeseen in October.

In terms of communicating to the market, Matt plays only a small part as the whole board is involved in drafting any detailed communication, this is then forwarded to house broker/lawyers for approval before final release.

You need to stop thinking in terms of Matt this Matt that, its not how it works at all.