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Despite the continued challenging consumer environment in Italy and across Western Europe during H118, Centrale del Latte d’Italia’s (CLI’s) business continued to perform well, in part due to the price increases implemented during Q217. Vegetable-based drinks and the export business remained stand-out performers, albeit from a low base, and fresh milk also performed well. We leave our FY18 revenue forecasts unchanged, but we adjust our estimates for the sale of the prepared salads plant. Our EBITDA forecast increases as labour costs are reduced thanks to the new agreement and our fair value nudges up to €3.35 per share (from €3.30).

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