Latest news with #NickCooper
Yahoo
15-05-2025
- Business
- Yahoo
Monde Nissin Corp (MNDDF) Q1 2025 Earnings Call Highlights: Revenue Growth Amid Volume Challenges
Consolidated Revenue: Increased by 2.8% year-on-year in Q1 2025. APAC BFB Revenue: Grew by 4.1% year-on-year, comprising 84% of the top line for Q1. Volume Decline: Overall volumes down by 2.9% for the quarter. Gross Profit: Modest increase of 5%. Gross Margin: Down 50 basis points on a consolidated basis. Core EBITDA: Increased slightly by 3.4%. Net Income: Consolidated net income increased by 1.5%. Core Net Income: PHP2.9 billion. Meat Alternative Sales Decline: Sales decline slowed to 6%. Meat Alternative Gross Margin: Increased by 300 basis points. Meat Alternative EBITDA: Turned positive with a 140 EBITDA. Market Share Gains: Various product lines, including biscuits and oyster sauce, showed market share improvements. Debt Reduction: Paid down GBP12 million of external borrowing. Warning! GuruFocus has detected 3 Warning Signs with MNDDF. Release Date: May 14, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Monde Nissin Corp (MNDDF) reported a 2.8% year-on-year increase in consolidated revenue for Q1 2025. The APAC Branded Food and Beverage (BFB) segment, which makes up 84% of the company's top line, grew by 4.1% year-on-year. The company's flagship brands, such as Lucky Me, SkyFlakes, and Fita, continue to perform well, with Lucky Me being recognized as the number one most chosen FMCG brand for 10 consecutive years. The meat alternative segment showed significant improvement with a 300 basis point increase in gross margin and a positive EBITDA, indicating a successful transformation program. Monde Nissin Corp (MNDDF) has effectively managed its cost structure, with palm oil prices peaking and wheat prices reaching a five-year low, which should benefit future margins. Despite market share growth, Monde Nissin Corp (MNDDF) experienced a 2.9% decline in volumes for the quarter, particularly in its basic instant noodle SKUs. The UK market remains depressed, impacting the performance of the Cauldron brand and the food service business. Gross margin for the APAC BFB segment declined by 50 basis points on a consolidated basis, with edible oil costs contributing to the pressure. The meat alternative segment still faces challenges, with a 6% decline in sales and a 7.6% decline in volume. The company is facing a 10% tariff on imports to the US, which could impact the profitability of its US business. Q: Can you explain the impairment line item under APAC BFB in today's filing? A: Jesse Teo, CFO: The impairment line item was an error in the segment P&L schedule. We apologize for the mistake, and the corrected schedule will be published tomorrow. You can refer to the earnings presentation or the MD&A section for the correct segment P&L. Q: Are you on track to meet the impairment calculation guidance with Q1 results? A: Nick Cooper, CFO of Quorn Foods: Yes, the Q1 performance supports our full-year guidance, which aligns with the evaluation model for the impairment calculation. Q: What drove the decline in food service in Q1, and what is the outlook for this part of the business? A: David Flochel, CEO of Quorn Foods: The decline was due to disappointing menu wins in the last year's Q4 cycle. We are working to improve execution for this year's cycles and are seeing encouraging signs. We aim to get the food service channel back to flat by the end of the year. Q: With strong volume growth in biscuits, do you have the capacity to meet demand? A: Jesse Teo, CFO: Yes, our CapEx plan includes building new plant sites to support the volume growth in the biscuit segment, particularly for Greyham and SkyFlakes. Q: How do tariffs impact your US business, and what are your plans for it? A: David Flochel, CEO of Quorn Foods: The US business, which accounts for 5% of our sales, faces a 10% tariff on imports from the UK. Despite this, it still makes a small positive financial contribution. We are reviewing the strategy for our US business and will update later in the year. Q: How confident are you in your margin guidance given the year-over-year gross margin decline in APAC BFB results? A: Jesse Teo, CFO: We are confident due to favorable commodity lock-ins and cost-saving projects. Palm oil prices have peaked, and we have locked in favorable prices for key commodities. Q: Can you provide more details on the noodle price and volume decline in Q1? A: Jesse Teo, CFO: The decline is mainly in Instant Mami beef and chicken SKUs, which make up 29% of our volume and saw a 13% decline. We are conducting a study to understand consumer spending shifts. Q: What led to the change in the source of market share information for UK retail, and why is Cauldron lagging behind the Quorn brand? A: Nick Cooper, CFO of Quorn Foods: We switched to NIQ for broader market visibility. Cauldron is facing competition in its segments, but we are working on innovation and competitiveness to improve its performance. Q: How has the right-sizing of Quorn been going, and can we expect further cost reductions? A: David Flochel, CEO of Quorn Foods: The right-sizing is on track, and we are focusing on lean operations and supply chain transformation. Further improvements are expected as we align our organization with strategic focus areas. Q: Can we expect the EBITDA turnaround in the meat alternative business to be sustained for the rest of the year? A: Nick Cooper, CFO of Quorn Foods: We are on track for full-year EBITDA guidance, though delivery will be uneven due to planned media investments to support growth in snacking. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
BBC News
11-05-2025
- Sport
- BBC News
Whitstable fans celebrate 'magical' FA Vase win at Wembley
Fans of Whitstable Town FC have said they could not be prouder after their team lifted the FA Vase for the first time in their Kent side beat AFC Whyteleafe 2-1 at Wembley Stadium in extra time on Sunday in front of thousands of Owen Spinola said: "Would you ever expect a small town like us to come to Wembley and to do what we did? It was absolutely magical."Fellow supporter Nick Cooper added: "I have never felt more proud to be a Whitstable person." "We might be a small town, but we've got the grit to come back and smash them," said Mr Cooper. "We've done it, a trophy at Wembley. Who gets to say they saw their home town at Wembley win a cup?"Mr Cooper said he and the fan base felt "untouchable". AFC Whyteleafe took the lead in the first half but Whitstable brought themselves level with a finish from outside the box in the 52nd minute and snatched the lead in extra Waters, whose brother-in-law Kelly is joint-manager of the Surrey side, said the players and staff of AFC Whyteleafe had done "themselves so proud"."I'm sure they [the players] are just so proud of that achievement of playing at Wembley, it really is something else," she said. Jane Longhurst, whose son is a coach for Whitstable Town said lifting the trophy was "the most amazing end to an incredible journey".She added: "It's put Whitstable on the map as a town, but also as a team." Whitstable resident Jessica Frost said the club had brought the community together."It's from our town, its not like going to a Premiership game where you've kind of come in from somewhere else, it's actually our town," she Spencer, who dressed head-to-toe in Whitstable's red, said: "I think the town will be absolutely on a buzz for I do not know how long after this."The buzz that has been created pre-this has been amazing…post-this, I cannot even begin to imagine what tonight will be like if I'm being honest." Georgie Weatherall watched the game with her said: "It is absolutely amazing for Whitstable. "The players have done amazingly well, but obviously the support as well, they've been with them all the way, it's incredible, no one would ever have thought."Fan Susan Cox added: "You could see the passion and the dream come true for them [the players]...they knew that their dream had come true, you saw that." Former England player Stuart Pearce said the support for the two teams was "incredible".He told the BBC: "It just goes to show how a town embraces a day at Wembley."The average crowd at each of these clubs might be in the hundreds, maybe early thousands, but all of a sudden you get a big day out at Wembley and the whole town wants to be part of it."
Axios
24-03-2025
- Business
- Axios
Downtown Richmond tower to bring condos, hotel, market and skydeck
An unnamed New York developer is planning to build a 400-foot-tall mixed-use tower in the heart of Richmond's downtown. Why it matters: The development will be reminiscent of something built in Chicago or New York, but still wholly unique to Richmond, the project's design lead tells Axios. State of play: The tower, first reported by BizSense, is projected to rise on a vacant, state-owned lot at 703 E. Main St. (the block east of Capital Ale House and across from Kabana, RIP). The big picture: The developer, who doesn't want to be named, wanted to get in on the "tremendous energy" happening in Richmond right now, says Nick Cooper, the Richmond office director for LaBella, the Rochester-based firm designing the tower. Among the RVA projects creating excitement for outsiders (and locals), Cooper cited the nearby Allianz Amphitheater at Riverfront, CoStar's 26-story office tower, Brown's Island improvements, airport upgrades and CarMax Park, the new baseball stadium that his firm is designing. Zoom in: Plans for the tower are still evolving, but it will likely include: 🏘️ Hundreds of "for sale" residential units. 🏨 Hotel rooms. 💼 Class-A office space. 🛍️ Destination retail. 🍸 Restaurants. 🛒 A grocery store or upscale market. 🌃 A rooftop "skydeck" from 400 or 435 feet in the air (Of note: The Monroe Building, Richmond's tallest, is 449 feet). 👩🏻🎨 And very Richmond elements, like murals and glass inspired by the views of Brown's Island. The goal, Cooper says, is giving the city a "landmark piece of architecture," which will help get "as many people living downtown as possible" so Richmond can become an 18-hour city (basically, mid-plus). For Cooper, who's lived in Richmond for more than 20 years, this project is personal. He's watched as the city has moved from "a gem that was unknown" to outsiders but beloved by locals, to one developers and residents in bigger cities are clamoring to be a part of.
