DAVY VIEW

The initiation of a strategic review of Norish’s Cold Storage business is an interesting development in the context of the equity – Norish has ownership of what we believe are scarce and well-located cold storage assets in the UK. Despite the macro backdrop, the UK cold storage segment remains a resilient market with robust fundamentals. Among its remaining businesses, Norish’s A2-protein Dairy business continues to execute on strategy with new trade partnerships announced in the Chinese market. The outlook statement strikes a constructive tone regarding the prospects for the A2 business.