Flora Foods Group - ISIN: XS1813504666

Upfield (Flora Foods Group) is a the number #1 producer of branded margarines globally. The company operates across 95 countries globally, with 79% of LTM sales from Developed Markets such as North America and Europe, and 21% of sales from Emerging Markets such as Latin America, Africa, the Middle East, and Asia. The company primarily distributes to wholesale c.90% of sales, with 10% direct to consumer (restrurants etc.), operations are asset light with the distribution and transportation of products outsourced. The group's top 10 customers (e.g. Tesco, Lidl, Walmart) account for c.50% of sales.