DAVY VIEW

Cranswick’s FY26 adjusted operating profit came in ahead of consensus at c.£237m (VA consensus: c.£232m, +c.2%), with adjusted operating margin improving sequentially to c.8.2% in H2-26, supporting confidence in FY27 delivery. UK food volume growth remained robust and broad based, accelerating to c.9.5% in H2-26 (H1: +7%). Trading in early FY27 has been in line with the Board’s expectations, although management remains mindful of the ongoing Middle East conflict. At first look, we envisage modest upside to numbers.