Member Info for Yesimabeliever

Given S4s failure to hit numbers again, continued declines in both revenue and EBITDA, I too would prefer to see debt reduction vs dividend.

Liquidity is up because of reduced WIP, so not seeing that as much of a positive at this stage with continuing declines in revenue and profitability, To think Sorrell was talking up prospects of an enhanced dividend at the H1 results. 🤷‍♂️

Very disappointed in Sorrell, a couple of weeks after claiming they were getting better at forecasting EBITDA. Tough trading is one thing, but it’s amateur hour how he’s handled this

In spite of frustrations this isnt a £120m business. Stable EBITDA, global, tech/AI enabled and able to pick up and execute on clients like GM. I still think tech spend will ultimatley come back, it isn after all the sector making all the profit, they just happen to be spending it all on Capex for now. Could go on a while longer though

Curious as to whether the CFO resigned last December because she couldn’t get behind Sorrells fantasy forecasts

I suspect much of the rise was the Google collab derisking THG by improving then credentials of Ingenuity.

This Mars partnership doesn’t look like a game changer for Myp

Agreed @redwine, disappointed on lack of progress diversifying the client base.

Also unimpressed that the technology services declines we were told would cycle out in H1 are still haemorrhaging.

In fact unimpressed with Sorrels forecasts again this year which after misdemeanours of the last few years he should have avoided at all costs. A* to Sorrell for talking a big game, but execution is a D- at present

I’d take £1billion and run for the hills

I don’t think THG are anything other than a UK d2c retailer to snickers protein bars unfortunately.

Agree with Shabz, better times ahead here, but don’t see anything immediate out of the Mars launch. Nutrition’s post rebrand model for growth, liscencing/partnerships, offline, needs to show signs of building Q on Q. And margin recovery needs to be there.

Early signs are good on growth, but there were analyst calls comments after Q3 update about THG “buying” growth at the expense of margin, and the RNS confirmed THG were pricing aggressively offline to grow market share (think that was in the H1 RNS).

Matt can post triumphantly all he wants about a “top performing rebrand”, but investors want to see it in the numbers cpompounding consistently Q on Q and heading back towards the 12.5% margin target.

Let’s see what the January update looks like, and hopefully we’ll get an RNS on a disposal/VAT rebate to give things a hurry along.

Whilst its good to see THG rubbing shoulders with Mars on a partnership, IMO it isn’t material unless it develops into a deeper international partnership to grow Myp, in particular in the US.

As ever patience required

Publicis numbers were excellent, which made s3’s Q performance all the more disappointing IMO.

Partnership with Mars was described as “two way” in the half year RNS. I’d be interested to see how much assistance Mars provide (if any) in opening up further offline US distribution for Myp. Also worth noting that Mars have pushed into convenience foods in the US over recent years, could they look to replicate or build on some of

Myps food to go or frozen food ranges in the US. There could be more than initially meets the eye to the Mars relationship. Time will tell. Anyway, a bit more exciting than the advent calendar updates Matt uselually treats us to at this time of year

going to be a very interesting 12-18 months for nutrition.

whilst i don’t think selling mars branded flavours will get the market excited today, the numbers moving forward might.

rebrand/whey price rise was an ugly ****tail…

but

myprotein pre rebrand was an £80m ebitda business 2023 ( i think)

now we have growing offline channel, which mars could supercharge particularly in the us.

and liscencing partnerships with muller (£36m) and iceland (£70m) dropping £5m straight to the bottom line (assuming 5% fee). uk food to go coming in q1, and the lots of scope to roll out internationally with the concept proven.

nutrition growing again, and if whey prices drop why cant £100m+ ebitda be a short term target for nutrition alone under the new model.

can’t believe that mars are into this just to have their brands on a few protein tubs. this could be the start of something much bigger.

“Today, they’re leading one of the most successful rebrands in UK business”.

Big statement. Let’s see it in the p&l

From the half year results RNS:

“Q4 2025 launch of a two-way product partnership with a global confectionery leader, licensing-in the most iconic confectionery flavours into Myprotein's products”

I can see “lisencing in” on mouldings linkedin post, less so a “2 way partnership”. You would hope there is more to come, hopefully some dual branded protein bars or something. Otherwise overhyped IMO.

According to AI “Additionally, in the H1 results filing, THG states the proceeds “were received in early September 2025.” 

Conclusion: The completion date is 2 September 2025, with proceeds received early September”

Interesting post that crafty. Excited to see what Myp can this Q4 with the rebrand handbrake off (finally) and whey prices stable (and higher). Record top line? Wouldn't be surprised. When are they dropping the RNS on confectionary partnership 🤔 🤔 . Come on Matty Boy, give us some big news so we can all go to Barbados for NY.

500k, not pocket change, must be an insider enhancing their position.

Worth remembering that we have been guided that an RNS for another non core disposal could drop “at any time” as well. A move to net cash +ve would be a major catalyst here also.

Think you are right, logic says an RNS should be days away rather than weeks with “peak” trading looming.

Fingers crossed it doesn’t disappoint.