Food and beverage

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Ingredients

The power of fragrance

We believe the conditions are in place for Fragrance suppliers with superior market positions to continue to outpace industry growth and deliver structurally higher margins. The flywheel...

Cranswick plc

Strong finish to a stellar year

FY24 adjusted operating profit and EPS came in ahead of consensus forecasts – reflecting continued operational excellence at Cranswick. Adjusted operating margin improved sequentially...

Greencore Group

FY24 profit expected to be ahead of expectations; £30m share buyback announced

Greencore’s robust H1-24 performance was supported by its above market volume growth, continued inflation recovery and the ongoing progress across its ‘Horizon 2’ goals. The group...

Dole plc

Strong start to FY24

Dole’s robust Q1 like-for-like (LFL) adjusted EBITDA delivery of +c.11% came in c.10% above consensus estimates and was driven by a strong performance across the Diversified Americas...

Treatt plc

Solid path to full year delivery

Treatt’s H1-24 interim results update lays a solid foundation for full year delivery, with revenue acceleration into the second half underpinned by a solid order book and healthy sales...

C&C

Release of FY24 results delayed; guidance reiterated

C&C has issued a brief statement announcing that the release of its FY24 results, due on May 23rd, will be delayed as “additional time is required to complete a review of certain...

Associated British Foods

Model upgrades – next phase of equity story

We believe that Associated British Foods (ABF) has reached an inflection point in its equity story, having established a sustainable margin corridor for Primark, which paves the way for...

Symrise

Exceptional Q1 volume delivery

Symrise’s Q1 update confirms a strong start to FY24, underpinned by exceptional volume growth across both divisions. Underlying pricing was uncharacteristically negative in the quarter,...

Associated British Foods

Stellar H1 delivery

Associated British Foods (ABF) has delivered an exceptional H1-24 performance, with all divisions contributing to operating profit growth in the period. The key takeaway for us was...

Glanbia

Bolstering flavour capability with $300m acquisition

Glanbia has announced the acquisition of US based Flavor Producers (FP) for an initial consideration of $300m. The acquisition deepens Glanbia’s flavour technology footprint and is...