LDC : 2019-20 results marked by the robust improvement in profitability at the delicatessen activity. Uncertainty on 2020-21
>Underlying operating profit of € 201.5m in line with our forecasts. Dividend down 25% - LDC yesterday reported underlying operating profit of € 201.5m for 2019-20 sales (already published) of € 4.4bn (+7.2% and +3.1% on an organic basis). This was in line with our and consensus forecasts (€ 200.2m est. and € 202m). The operating margin was stable at 4.6%. The improvement in the gross margin was underpinned by a favourable product mix and productivity gains offsettin...Societe LDC SA is a France-based holding company engaged in food processing. The Group provides poultry products, as well as a range of delicatessen food. It has four business lines: Upstream division, which is responsible for branch management; Poultry division, engaged in the poultry, pig and cattle farming, as well as egg production and others; The Delicatessen division, offering ready-to-eat meals and snacks like pizzas, sandwiches, tarts and desserts and International division which focuses on international development with countries specific strategies. It markets its products under various brands, including Le Gaulois, Loue and Traditions d'Asie.
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