DAVY VIEW

Given some of the headwinds it faced, Kenmare turned in a very reasonable performance in 2019. However, eaten bread is soon forgotten and the current year has elevated levels of investment workflow and uncertainty around COVID-19 impacts, even if pricing trends for its primary product remain strong. That being said, and notwithstanding an expected contraction in global industrial activity, successful execution of its expansion plans in the current year will put the group in a very good position to maximise the benefit from the (for now) predicted V-shaped recovery and thereafter.