Food and beverage

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ARYZTA

Q3 update – revenue improves as inflationary pressures build

ARYZTA’s Q3 revenue performance was modestly behind our forecasts, with revenue from continuing operations +2.6% year-on-year (Davy: +4.6%). While performance was impacted by...

Greencore Group

H1 results: the storm before the calm

Greencore’s interim results reflect a period inhibited by mobility restrictions, with like-for-like revenues in the key Food-to-Go (FtG) category down 26% (Q1 -22%, Q2 -30%). The unwind...

Cranswick plc

The gold standard in food manufacturing

In our view, Cranswick’s FY21 delivery marks an inflection point for the business and the equity story. An astute and progressive capital allocation mindset underpins its gold standard...

Cranswick plc

Firing on all cylinders

Cranswick’s FY21 results confirm a strong out-turn in the context of the retail channel shift and return on strategic investments. Revenue growth, operating margin and cash flow were...

THG plc

Softbank strategic investment

The collaboration agreement THG has entered into with Softbank puts a marker down for the valuation of its high-growth enterprise SaaS division, THG Ingenuity. The implied value of...

Treatt plc

Stellar margin delivery

Treatt has delivered a stellar interim result with operating profit growth of 74%, underpinned by gross margin (GM) advancing by a whopping 880bps to 35.0% – thus narrowing the...

Glanbia

Quality of earning cadence improving

We upgrade diluted adjusted EPS by 1.5% and 2.6% for FY21 and FY22 respectively. Positive earnings momentum allied with an improving cadence for earnings quality (divisional mix and cash...

THG plc

Digital shovels and gold; initiating coverage on an e-commerce growth machine

We are broadening our consumer coverage with the initiation of THG plc. THG is an e-commerce growth enabler with an early mover advantage. Channel checks confirm a highly relevant...

Glanbia

Strong start to FY21

Glanbia has reported a very positive start to FY21, with both growth pillars delivering double-digit organic growth – exceeding our expectations against a challenging comp. Consistent...

DSM

FY guidance raised

DSM has delivered another strong quarter with EBITDA growing by 13%. A faster-than-expected recovery in the Materials division prompted an upward revision to FY21 EBITDA guidance. We...