Dec 16 2025
Food and beverage
Recent Research
Givaudan, Model update
Dec 11 2025
Cranswick plc, Solid H1-26 outcome
Nov 25 2025
Treatt plc, Chief Executive steps down
Nov 25 2025
Meet your Food and beverage Research team
Robertet
Scent and Sensibility: initiating on Robertet
We are initiating coverage of Robertet, a mid-sized house in the global fragrance and flavour (F&F) sector with a long-standing focus on natural ingredients and a vertically integrated...
Givaudan
Model update
We update our Givaudan model for FY25 and FY26. The adjustment reflects a more cautious stance on end market demand and inventory management for Q4, principally relating to the...
Glanbia
Thoughts on recent Capital Markets Day – positive equity set-up
Glanbia’s recent Capital Markets Day (CMD) conveyed a positive tone. The outlook for its flagship brand, Optimum Nutrition (ON), is encouraging as it is positioned at the intersection of...
Greggs plc
Fresh out of the oven: initiating on Greggs
We are initiating coverage of Greggs plc (GRG), a scale and vertically integrated provider of branded ‘on the go’ food and beverage in the UK. Greggs combines owned manufacturing with...
Cranswick plc
Solid H1-26 outcome
Cranswick delivered a strong performance in H1-26, with like-for-like growth of 7.9% (reported: +10.4%). Combined with margin expansion to 7.7%, this resulted in an adjusted operating...
Treatt plc
Chief Executive steps down
Treatt has announced that David Shannon will step down as Chief Executive and Director on December 31st 2025. This follows a challenging year for the group, marked by two profit...
Origin Enterprises
Q1 trading update – solid start to FY26
Q1-26 presented a solid start for Origin Enterprises as Agriculture volumes improved year-on-year (yoy). Drier autumn conditions in the UK supported an accelerated start to drilling...
Glanbia
New three-year targets announced
Ahead of its Capital Markets Day, Glanbia has released an enterprising set of three-year targets that strike a good balance between ambition and achievability. Divisional targets...
Greencore Group
Solid finish to FY25; sale of Bristol site; confident tone on FY26 outlook
Greencore finished the year with strong FY25 adjusted operating profit delivery of c.£126m (Davy: £125m). Current trading in early FY26 has started positively, with management guiding...
Associated British Foods
Model update
We are cutting our adjusted EPS forecasts by c.3% and c.2% for FY26 and FY27 respectively. The recent strategic review, which could result in a separation of Primark from the Food...
