Hardman & Co Research on Chesnara plc: Showing good operational progress

Hardman & Co publication on Chesnara plc (CSN):

Showing good operational progress
 

Chesnara announced its 1H’25 results. The main features were a better-than-expected operational performance, weaker economic returns and increased central costs but improved cash generation. An Economic Value loss of £11m was behind recent figures (1H’24: profit of £20m). Alongside the dividend payment, this loss reduced the Economic Value, which declined from £531m to £517m in the first half. Cash generation of £37m was a 28% increase over the 1H’24 figure of £29m. The interim dividend, as expected, was increased by 3% to 7.70p. Post the rights issue, Chesnara joined the FTSE 250 Index.

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