Shares in MP Evans Group PLC (AIM:MPE) rose 5% after the group’s AGM statement, which highlighted strong pricing and steady production.
The palm oil producer reported crude palm oil (CPO) output in line with last year, while average mill-gate prices are running 14% higher year-to-date.
More notably, palm kernel prices have spiked 92% above Cavendish’s prior assumptions, delivering a substantial profit boost.
Cavendish has raised its 2025 diluted adjusted earnings forecast by 16% to 164 cents per share, up from 141.3 cents. While the broker views the palm kernel price surge as temporary, it left its CPO price assumptions unchanged heading into the critical summer cropping season.
Cavendish reiterated its 1,500p price target, implying 46% upside from current levels, and praised the group's solid start to the financial year.
The shares were changing hands for 1,078.51p, up 48.51p.