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Upgrade reflects solid trading especially in Sucralose and value-added US food ingredients. 'With a better outlook for sugars in H2, early signs of a pickup in US industrial starches and undemanding comps, further upgrades are not out of the question,' says Evolution.
'FCF is running well ahead of guidance. The 146m working capital inflow in H1 is tangible evidence that the new management is effecting a cultural change in the attitude to all aspects of financial discipline.
'This gives us increasing confidence in both debt pay down and the sustainability of the dividend. With a 5% dividend yield and a double digit FCF yield, the investment case looks compelling.'
Story provided by Business Financial Newswire
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