“Others are Tizer, Strathmore Water, Rubicon Boost energy drinks, Funkin pre-mixed cocktails and the most recent acquisition of MOMA oat milk,” he continued.

“The business has been able to successfully pass on inflationary costs to consumers, one of the key attractions of everyday branded products, and profits this year will be ahead of last year with further progress expected in 2024,” he said.

“As and when inflation subsides, the reduction in costs such as freight, packaging and raw materials should all largely fall through to the bottom line and boost profit margins,” Farmiloe added.

“The company balance sheet is as solid as those iron girders with net cash of over £60 million ($72 million), thus providing firepower for further value-enhancing acquisitions,” he continued.

“With the prospect of increasing earnings and dividends and also on a significant discount p/e and price to sales basis compared to what an industry acquirer would have to pay, we believe the shares to be undervalued,” Farmiloe said.