Jul 28 2026
Food and beverage
Recent Research
Cranswick plc, Q1 update – solid volume delivery
Jul 27 2026
Robertet, H1-26 trading update
Jul 24 2026
Meet your Food and beverage Research team
SSP Group plc
Q3 update: unchanged guidance will reassure
SSP Group (SSPG) has issued its Q3 trading update. Overall, trading has been resilient in Q3 with like-for-like (LFL) growth of 4%. Importantly, the company has reiterated its full year...
Greencore Group
Concerns addressed; value unrecognised
We are increasing our FY26 adjusted operating profit forecast by c.4% to c.£240m, partly reflecting stronger self-help-driven profit conversion across both underlying businesses. We...
Cranswick plc
Q1 update – solid volume delivery
Cranswick had a healthy start to FY26 with Q1 reported growth of 5.5% (VA H1-27 consensus: 6.1%). This was supported by 8.2% volume growth, driven by broad-based growth across its...
Robertet
H1-26 trading update
Robertet has delivered a softer-than-expected first half with organic sales growth of 2.8% (Davy: +3.9%), decelerating through the period (Q1: +4.9%; Q2: +0.7%) against demanding...
Givaudan
H1-26 EBITDA in line, with strong performance across Fragrance activities
Givaudan has delivered a good Q2 with like-for-like (LFL) sales growth of 4.3%, which was modestly ahead of consensus – growth was volume led and driven by strong execution in...
Greencore Group
Q3 update – solid statement; guidance raised
Greencore delivered a solid Q3 trading performance, with volume/mix up 2.3% (H1-26: +0.8%), supported in part by a strong manufactured volume recovery of +1% in legacy Bakkavor...
Food and beverage manufacturers
Preview of Greencore and Cranswick trading updates
Greencore and Cranswick will release their Q3-26 and Q1-27 trading updates on July 22nd and 27th respectively. We believe both companies remain particularly well positioned, with the...
Associated British Foods
Model update – further reductions
We are lowering our FY27 adjusted operating profit forecasts by c.7%, primarily reflecting further weakness in Sugar; in aggregate, our group FY27 profit forecasts have been reduced...
Robertet
H1-26 preview
Following a particularly strong FY25, we expect organic sales growth to moderate to 3.9% in H1-26 (H1-25: +9.2%) with trends differentiated across divisions. We forecast a rebound in...
Associated British Foods
Q3 trading update: Sugar profit warning, Primark guidance held
Primark delivered a like-for-like (LFL) decline of 2.2% (Visible Alpha (VA) consensus: -3.7%), with the drag led by Continental Europe and UK/Ireland broadly flat (H1: +1.3%). Management...
