Breville (BRG) +2.75%: first half stormed home for Breville with lockdowns boosting demand for the small appliance manufacturer. Profit and revenue were both up 29% on the same period last year and with the first half stronger than expected the company upped EBIT guidance for the year by around 5%. The company actually tapered the dividend despite the growth, electing to retain a bigger portion of earnings to fund growth into new geographies, boost manufacturing capacity and rebuild inventory. Guidance looks light considering nearly 70% of EBIT has already been ticked off, suggesting a bigger than normal skew to the first half. Technically the stock looks good here, however we’re a touch concerned about their guidance.
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Performance update for March, stocks that drove returns & our current positioning
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