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Today's update made it clearer than ever the direct relationship between Ai platform investment and S4's headwinds, its good to see this confirmed as we now have a clear marker in the sand with no more guess work on whats holding S4 back.

I know my posts have confused many as why would you be bearish on Ai when S4 is an Ai first company, the reason is above.

It might take a while for this whole thing to shake out fully but its started, meanwhile summer is here which is far more important ..

Pretty sure already posted this although this could relate to upgrades of existing facilities.

FrieslandCampina announces €90 million whey protein investment

https://www.agriland.ie/farming-news/frieslandcampina-announces-e90-million-whey-protein-investment/

That's basically all of the major retailers UK/Ireland now stocking MP, very impressive considering where the brand was couple of years back with outdated stock/re-brand.

Yep, with final tbc,

Still not past the hump of spending ,but perhaps flat-lined giving some cause for optimism.

'especially amongst technology clients, as they allocate even more spend to building Artificial Intelligence (AI) infrastructure. The four main Hyperscalers alone are planning to spend over $700 billion in 2026.'

Missed this:

Iceland Foods Boosts Presence In Ireland As It Expands Partnership With Dunnes Stores

November 18, 2025 1:07 PM

https://www.esmmagazine.com/retail/iceland-foods-boosts-presence-in-ireland-as-it-expands-partnership-with-dunnes-stores-300499

Stay at home summer, what are folks going to do with all the cash normally spent on holidays ?

'Up to 85,000 flights could be axed in June by Iran war: Jet fuel'

DM

Affirmation of last two updates would certainly be positive, the Ai hype is drifting into the long grass which may help with outlook statements also.

Its not often you see the FTSE up over 2%..

Yep, reduction in gearing is welcome, helps on all fronts.

There is a lot of activity in protein markets, private equity stepping in too, Fonterra’s Studholme due to come online shortly.

Ingenuity with Google may find itself financial stronger and in a better position to attract further investment.

Last weeks private equity takeover of Treatt PLC at close to a 50% premium went largely unnoticed, very similar to Claremont Ingredients.

A takeover by Ingenuity in terms of voting with many of the same share holders, not too hard to imagine ?

Josh, new upload.

https://youtu.be/OM36sSpcaPU

Index funds unlikely be aware of anything unless its through official RNS channels, FTSE down 1% this morning at one point due to fuel increases.

Good spot over weekend on VAT, v helpful.

There's two, spirulina and chlorella, both have very similar profiles and taste equally as bad lol

As a non committed gym user tried quite a few supplements over the years, nothing really worked but there again I didn't follow anything strictly, just rocked up and hit the weights - went on a six week course of spirulina and chlorella, results were very noticeable, even the misses said you have bumps where you didn't have bumps before..: ) )

The good stuff is grown in natural lakes around Hawaii, HB stock both which arrive in an Ingenuity box..

Hopeclothing, cheers for the feedback - its a hard game for sure, we all have similar stories to tell on entry points, that comes with the game, best of luck.

Cong, it would be good to hear more stories from other users feedback on performance, plant based milk substitutes have become very popular especially in our household, depending on location now have around 15% of the market.

Have you tried spirulina?

This is the Silk brand by Danone mentioned earlier.

https://silk.com/

Absolutely hopeclothing, we are all on the same page (even more so now having made several purchases this week lol).

There are reasons to be optomistic also imo, on the whey front companies will come in to meet significant demand it jut takes time between higher prices and new processing plants to be completed, two more have been annouced in the last week (posted already) with production set to start in early 2027.

Plant based proteins are staging a recovery too, Danone has successfully launched its Silk brand in the US, Beyond Meat has signed additional agreements pushing to almost double their share price at one point.

This is a great site to follow such plant based trends, see Tesco story headling

https://www.proteinproductiontechnology.com/news

It would be good to hear from THG how their offering is peforming, are they seeing an uptick in demand ?

VAT if approved should help enormously going forward, increased margins overnight without doing anything plus debt reduction.

On the FX front, JPY has spiked this week due to comments made by (posted day or so ago) Japanese PM recommending journos keep their phones close over holidays - there have been a number of comments previously, none of which have resulted in intervention (yet)

_____________________________________________

Japan risks Trump’s ire as Iran war fallout sparks currency intervention

Published Fri, May 1 20267:19 AM EDTUpdated 5 Hours Ago

https://www.cnbc.com/2026/05/01/japanese-fx-intervention-wipes-out-yens-iran-war-losses.html

Cheers Nige, Bloomberg seem to have a much larger holding for M & G than listed on mstar.

River Global, can't remember seeing those guys before, the more the merrier rather than index funds.

What do you mean nice try, my reply was succinct pointing out that you have failed to answer the questions, too sensitive to criticism.

The decision to go for land grab is THG's current strategy, what would likely happen if THG prices went up (which they have indicated might happen) is growth would stall, then what, how would the market react to lower revenues going forward qtr on qtr?

The deficit on profits/margins can be attributed wholey to the points below which fall outside of the companies control, I cannot see a new CEO changing anything, would they buy the amount of shares Matt has, what would have been the share prices those shares came to market?

Some movement on mstar, looks like M&G Smaller Companies reduced back in Jan, no change with Patient Capital other than already mentioned.

Herein lies the problem, an aggressive response but no practical solutions.

Answer the questions, show you understand the business by providing practical detailed solutions.

Its an understandable and normal reaction to blame the company, and in many cases that is justified, but not here imo.

Just what else can the company do to, post practical suggestions on how to combat:

Weak dollar

Weak Yen

Roaring whey prices

High inflation

High interest rates (relative)

If you were sat in front of the board these are the questions that would come up, so may as well address them here.

Ai has been mentioned by Hutchmed recently, food for thought perhaps:

Chinese biotech firms are striking big global deals as drug makers, but could artificial intelligence take them to the next level?

https://www.scmp.com/business/china-business/article/3350421/chinas-biotech-firms-shift-gears-can-ai-floor-accelerator?module=spotlight&pgtype=section