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Despite the challenging economic and political environment in Italy during Q118, Centrale del Latte d’Italia’s (CLI) price increases, implemented mostly during Q217, continued to drive revenue growth. We should see the effect of this subside during Q218 as we start to cycle a full year of price increases. Vegetable-based drinks and the export business continued to witness excellent growth, albeit from a low base. At this early stage, we leave our FY18 forecasts unchanged, and our fair value remains at €3.30 per share.

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