Jan 29 2026
Food and beverage
Recent Research
Cranswick plc, Solid Q3 performance
Jan 27 2026
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Greencore Group
Strong start to FY26
In its first trading statement following the acquisition of Bakkavor, Greencore has delivered a solid update that provides confidence in the execution of its integration and synergy...
Givaudan
FY25: Fragrance growth continues, sluggish finish for Taste & Wellbeing
The key takeaways from Givaudan’s 2025 results include margin softness through the second half of 2025, a weaker-than-expected sales out-turn for Taste & Wellbeing in Q4 and...
Glanbia
Positive setup for 2026 – results due February 25th
2025 was a game of two halves for Glanbia with downward earnings revisions being supplanted by upgrades as we exited the year. The business sits at the intersection of the protein...
Cranswick plc
Solid Q3 performance
Cranswick maintained strong growth momentum in Q3-26, driven by a broad‑based, volume‑led expansion. It now anticipates full-year adjusted profit before tax to be towards the upper...
C&C
Headwinds in Distribution drag down full-year estimates
C&C has issued an ad-hoc trading update – it now expects FY26 EBIT in the range of €70-73m and limited progress expected in FY27. A concertina of headwinds across its Distribution...
Food
Results preview by stock: 2026 modelled to be below algorithm growth
Results season for the Ingredients sector commences with Givaudan on January 29th. The story of 2025 was slowing top-line growth as we exited the year, which is likely to inform the...
Ingredients
Ingredients chartbook: decadal valuation reversal; model updates
2025 was characterised by slowing top-line growth, which led to a further sector de-rating. For 2026, we model organic growth of c.3% for all names with improving momentum expected in...
Treatt plc
FY25 results in line with expectations
Treatt’s FY25 result bookends a difficult year for the group. FY25 results were broadly in line across key operating metrics. We expect operating momentum to improve through 2026,...
Greencore Group
Bakkavor acquisition revisited
With the Bakkavor acquisition set to complete on January 16th, we remain confident that the transaction represents a compelling value creation opportunity. The acquisition materially...
Symrise
Launches inaugural buyback programme
Symrise has announced the launch of its first ever buyback with a programme of up to €400m. In the context of valuation (multi-year lows), a strong balance sheet and healthy free...
