RE: Moulding's contribution ?26 Mar 2025 17:03
YB perhaps, but a lot of the commentary is anecdotal based on past events, we all remember how easy was it was post Covid with copious amounts of money being thrown around.
Yes, the Yen thing is a real pain, (hope to hear more on local manufacturing) but overall I remain supportive of management unless there was some other better strategy.
With regard to whey, this is one complicated market having spent the last month or so emailing different suppliers, journalists and exchanges my conclusion is no one really knows (I'll post a bit more on this later).
Glanbia are not as vertically integrated as you might think, yes, they have a partnerships with co-op suppliers but the price they pay is the similar if not the same as everyone else hence the profit warning, where they do have a clear advantage is being able to process on-site without undue storage.
My protein increased their prices against this backdrop which was communicated to customers at the time:
Why Our Protein Prices Have Increased
https://www.myprotein.com/thezone/supplements/why-our-protein-prices-have-increased/
Studying the nuances of these commodity markets can help to see the decisions made and why, I would have probably done the same thinking it would be short lived.
We knew the debt position when buying shares hoping things improved quicker than expected, they didn't so here we are with a refinancing deal or to put it another way 'get out of jail' card.
H2 is where I see margin improvements, we should see interest rates dropping too with UK has joining EU hitting the buffers..
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