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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