MP Evans (LON:MPE) – palm oil group’s shares are advancing well
The producer of sustainable Indonesian palm oil MP Evans (LON:MPE) will be presenting to its investors and analysts on Tuesday 1 December.
It will be an update of its strategy to deliver growth and profitability integrated with its sustainable development, by way of highlighting its pilot traceability programme for its independent smallholders.
That will take it a few stages further on to its goal of 100% production of certified sustainable palm oil.
Shares now on price recovery path
The group’s shares were some 756p almost a year ago and fell away to 370p in late March.
Since then, as I have highlighted previously, the group has been using chunks of its cash to buy in more of its own equity.
In the half year to end June the group reported a massive turn around, with sales leaping from $46.25m to $75.89m, and pre-tax profits coming in at $4.42m against a $0.56m loss previously.
Following the mid-September H1 news from the shares have moved up from 560p to the current 632.5p – just 10% higher would then break my price objective.
Hold very tight for good news.
(Profile 07.04.20 @ 540p set a Target Price of 700p)