Download full report with analyst certification and important disclosures
Jun 17 2020, 07:10 IST/BST
2020 will mark the second time in five years that externalities have resulted in pronounced profit impairment. Following the fifth wettest winter on record in the UK, persistent dry weather through the spring has negatively impacted crop emergence (volumes) and input spend (mix). Full-year EPS guidance implies a c.35-40% cut to our FY20 forecasts. Reflecting the increased focus on cash management and liquidity, the Board has suspended the final dividend. Confidence levels around forecasting outer years remain low – we will consequently pare our FY21 EPS by c.13%.
Jun 17 2020, 07:10 IST/BST