Midsona: Soft Q4, but margin expansion expected 2020e - Introduce

Friday, February 7, 2020 9:03 AM
"Midsona’s Q4 report came in below our expectations. Sales were in line on all aspects except M&A, which contributed 14% growth (ABGSCe 18%). Organic growth came in at -6% (ABGSCe -6%) and FX effects were 2% (ABGSCe 2%). Adjusted for the loss of the Alpro contact, organic sales growth was 1.9%. Of particular note in the company’s Q4 report was the gross margin, which came in at 28% (ABGSCe 30%)."

Link to commissioned research below.