BRG -8.49%: the appliance manufacturer reported a softer-than-expected set of first-half numbers today, Revenue of $906m missing expectations by 5%& Profit around a 2% miss to consensus. The miss came despite a strong margin result thanks to reduced promotional activity, alongside a decent reduction of inventory. Cash conversion was weak though with receivables poorly controlled, coupled with a soft top-line result.
- Breville is well-owned, likely leading to a more significant drop in the stock today than the slight miss would suggest.
MM remains neutral BRG
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