Jul 16 2026
Food and beverage
Recent Research
Robertet, H1-26 preview
Jul 7 2026
Glanbia, H1 preview – model update
Jun 26 2026
Kerry Group, Regulation supporting reformulation
Jun 19 2026
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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...
Glanbia
H1 preview – model update
Ahead of H1 results, we update our Glanbia model – positive consumption trends for Optimum Nutrition (ON), a stronger Q2 for Health & Nutrition (H&N) and strengthening tailwinds for...
Kerry Group
Regulation supporting reformulation
The global food and beverage industry is undergoing significant regulatory reform with many governments adopting or planning to adopt new regulations to improve diets, combat chronic...
SSP Group plc
Planes, trains and margin gains: initiating on SSP
SSP is a leading food and beverage concessions business, operating restaurants in airports and other travel locations through a mix of in‑house and franchised brands. It has a...
Origin Enterprises
Q3 trading update – executing in a volatile environment
Origin Enterprises’ trading update reflects solid execution in the seasonally important third quarter against a volatile macro environment. Supply chain challenges stemming from the...
Cranswick plc
Model update: significant poultry potential
We upgrade our Cranswick FY28 and FY29 adjusted operating profit forecasts by c.5%, reflecting higher Poultry forecasts and stronger medium-term profit conversion. While individual...
Greencore Group
Model update – thesis remains intact; share decline fundamentally unjustified
We broadly maintain our underlying UK adjusted operating profit assumptions for Greencore across our forecast period while increasing our free cash flow (FCF) forecasts in FY27 and...
