Monday September 21, 2020

Michael Murray on corporate results season

The results season demonstrates the complexity of analysing growth companies that are continually on acquisition sprees

28th May, 2017
Patrick Coveney, chief executive, Greencore Pic:Maura Hickey

I was nervous at the start of last week. Two of my best performing investments of the past four years – UDG and Greencore – were reporting on the same day.

In the case of UDG I wasn’t expecting any surprises – and there weren’t any. Firing on all cylinders, the company delivered earnings per share growth from continuing businesses of 19 per cent (29 per cent on a constant currency basis) with guidance for...

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