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Its all about going the distance now, this inflation led squeeze has run much longer than anyone expected along with higher interest rates

Those banking deals negotiated three/four years ago thinking rates would come down are now facing a much tighter market, still with high rates or even higher, contrast this with the 'free' money COVID era when you had to pay banks interest holding money, how unbelievable is that (I still have my Euro bank statement with a minus sign, utterly incredible)

THG's thankfully in a good place with refinancing but unsure of REVB how that would work, perhaps a piece meal approach rather than the whole company ?

Looking vulnerable, hit with US tariffs, still no firm banking renewal as yet with very limited headroom.

Highlights the benefit of THG's USA manufacturing operations.

One to watch but would need to be restructured first, or a lot cheaper imo..

I think that was one of the issues previously with no discernible logo and interspersed lettering , now it doesn't have to say anything just the logo.

It will take time to establish but so far looking good, offline market with a licensing model (Japan) is now equally important for growth going forward.

mover123 12.46 (insert thumb emoji here)

We have had the capitulation drops (two of 'em) now markets are looking for upside, rates coming down at least on this side of the pond, US to follow perhaps if Trump gets his way..

If there is any M & A involving S4 its going to be now when others sense little or no further downside, no director buys as yet - interesting times..

Hong Kong stocks surge over 3% after U.S. and China unveil details of trade deal

https://www.cnbc.com/2025/05/12/asia-markets-live-stocks-to-mostly-rise.html

Few more thoughts on re-branding..

The decision to take Myprotein upmarket away from its single silo gym appeal to a multi faceted lifestyle brand is a good one imo, much wider demographic and able to capitalise more on cross selling appeal with other THG brands, loyalty card and so on..

Myprotein didn't really have a standalone logo before, that's now changed to a compact 'M' - works well on many fronts, especially apparel being symmetrical - unlocking a whole new market segment previously unavailable.

The offline market experienced growth supported by new roll-outs at the aforementioned retailers, Myprotein needed to differentiate themselves by changing into a Lifestyle brand with a wider appeal, retailers like Walmart may at some stage stock clothing.

One person who loves brands more than anyone is Mike Ashley, he for one will undoubtedly approve of such a move.

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Oke, I think you're out of touch with the companies strategy by focusing too much on short term price movements, as mentioned before many of the core holders have been here 10 years plus being well seasoned to market swings.

Yup, forgot about Iceland, Sports Direct also

On the subject of logos and re-branding which was a huge and costly task with over £100m of stock to shift, was it worth it?

If it opens newer higher margin markets whilst diversifying away from commodities (whey in particular), then that has to be a good thing in my view, 30% sounds a lot more attractive than the single digits elsewhere.

If we look at Optimum Nutrition (Glanbia) as an example their product range is minimal on clothing, quick search highlighted two suppliers one of which has an invalid link, its clearly not their main focus.

Perhaps this is down to branding and general appeal, successful logos tend to be simple and memorable, take the Nike 'tick' who doesn't recognise that anywhere on earth..

Its a personal thing but have a look, what would your choice (or your kids ) be ..

Optimum Nutrition (Glanbia)

https://www.mclaren.com/racing/team/oscar-piastri/

Myprotein

https://us.myprotein.com/c/hyrox/

Compare above to the old logo...nuff said..

I like the move to non whey related products like apparel (that's clothing to you and me..) 30% growth last year, margins should be better too.

This wouldn't have been possible without the re-brand, Joshua's video talks about this along with why next gen want to buy and be seen in Myprotein sports wear.

Overall good reviews, with decent line up.

Walmart

https://www.walmart.com/browse/health/all-protein-supplements/myprotein/976760_1166769_9231506/YnJhbmQ6TXlwcm90ZWlu

GNC

https://www.gnc.com/search?q=myprotein&lang=default

Morrisons

https://groceries.morrisons.com/search?q=myprotein

Tesco

https://www.tesco.com/groceries/en-GB/search?query=myprotein&inputType=free+text

On the subject of mistakes, F1 sponsorship, it happened around the time THG signed the deal so did Glanbia with another team, both companies have been wrong footed, in the case of Glanbia the acquisition of Slimfast which they are now trying to sell, Weightwatchers filed for administration this week.

The market has changed rapidly over the last few years with huge uncertainty, post Covid vegan was all the thing, last week Lewis Hamilton and Leonardo DiCaprio closed their chain of restaurants, Neat burger with demand for many traditional dairy products at all time highs.

Doubt it, Starmer didn't even know he was going to make an announcement until last minute.

It puts us in a strong position over Europe, especially if they get a poor deal.

I would hope to see more investment flow from US to UK, including repositioning of tracker funds.

Wow, Starmer pulled a rabbit out the proverbial hat..

Properly tied into the US..fast track of exports/imports..

Wow, Starmer pulled a rabbit out the proverbial hat..

Properly tied into the US..fast track of exports/imports..

BrokeNS, SMS is a consummate deal maker over decades, I just don't think he would block something if its in the best interest of shareholders, and S4 as a whole.

Hopefully if an offer does come forward its in everyone's interest and its not needed.

15 minutes for UK tariff announcement ..

If we don't get any director buys at this level then maybe something is in the offing, speculation of course but..

Golden share is all very well, but if the rest of the shareholders consider an alternative offer a better option its going to be difficult to block.

If an offer did come in which offered better prospects BOD have to act for the majority of holders, SMS holds less than 9%.

BOE just cut by quarter %

BOE just cut by quarter of %

The illiquid markets have so far worked against us as we succumb to every small tracker and ETF trade, works in reverse too once the worm changes..

Forecasts unchanged despite tariff uncertainly, that's fine, not dissimilar to comments from video link yesterday.

Need to ride this one out, same as rest of portfolio..

In other news:

UK set to become the first country to sign a trade deal with U.S

https://www.cnbc.com/2025/05/08/uk-set-to-sign-a-trade-deal-with-us.html

Good overview, I like his approach to understanding the Myprotein brand strategy - surprised no comments on this ..

In other news:

UK set to become the first country to sign a trade deal with U.S

https://www.cnbc.com/2025/05/08/uk-set-to-sign-a-trade-deal-with-us.html

This has been going on for a while, basically since the share dropped significantly following inflation and post Covid pullback.

I get the impression these guys have pushed the board into a share buyback which hasn't really done anything, hence renewed calls.

There's not much they can do as one holder owns just shy of 30%, in fact they have had to pause the share buy back to allow them to reduce by way of distribution otherwise they go over 30%

Activist investor claims Glanbia decline ‘wipes €710 million’ off value of Tirlán’s stake

https://www.businesspost.ie/news/glanbia-share-price-decline-wipes-e710-million-off-value-of-tirlans-stake-in-the-listed-company/

Oke, at 28p the market cap would be around 389,394,524

That's still comfortably above the automatic exit point but the higher up, the better imo.

I also remember a rise before the last review date which just got us in..

Like everyone else, miffed about the share price but have to remind myself the board are playing the long game, well worth watching the SMS interview (even if not invested in S4) it gives a good overview on the sort of planning and timescales involved building out a successful business.

Unfortunately the s/p volatility overshadowed a lot of good stuff released with results, Glanbia followed this up with their own detailed presentation a day or so later.

On the speculative side, my bet would be on a small acquisition like REVB, already a THG customer would be an easy on-boarding process, tariffs may reduce forecasts - could be an opportunity ?

if Frasers can hoover up some of this free float it should help with future volatility, trackers at least for the moment are a bit of a nuisance lol..

Stop, I've made an error, the Total voting rights RNS was issued on 1st April for shares issued at 31st March, 3 days after admission as below.

1,390,694,730 includes the newly issued shares, my mistake.