Updates

N Brown

February 2023

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

BWNG has resolved a longstanding legal dispute with Allianz. It will pay the insurer a sum of £49.5m, which is less than the total claim by Allianz but is double the £25.5m provision but BWNG has sufficient liquidity to fund the settlement and it removes a long shadow over the shares. Separately it has also reported Q3, which was a challenging period but no worse than expected. Product revenue was in line with Q2 at -9.2% driven by weak consumer demand and a highly active promotional market. Strategic brands declined 5.5% (-2.2% in H1) and FS revenues were -4.2% (-3.5% in H1). FY23 EBITDA guidance is reiterated in line with market consensus at £57.5m. But the major inputs that contributed to sizeable downgrades over the past 18 mo ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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