Jun 11 2026
Food and beverage
Recent Research
Cranswick plc, Solid finish to FY26
May 19 2026
C&C, Results in line with revised expectations
May 19 2026
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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...
Greencore Group
H1-26 results in line with market expectations
Greencore’s H1-26 results mark the first set of reported numbers for the combined group, with underlying trading proving resilient and resulting in an in-line operating profit result....
Dole plc
Model update – Middle East impacts; shares remain undervalued
We are lowering our FY26 and FY27 adjusted EBITDA forecasts by c.4% and c.2% respectively, reflecting the knock-on impact of the Middle East conflict and the lagged nature of...
Cranswick plc
Solid finish to FY26
Cranswick’s FY26 adjusted operating profit came in ahead of consensus at c.£237m (VA consensus: c.£232m, +c.2%), with adjusted operating margin improving sequentially to c.8.2% in...
C&C
Results in line with revised expectations
C&C’s FY26 EBIT out-turn was in line with revised expectations following its January trading update. The result reflects a very challenging backdrop for the Distribution activities...
Food and beverage manufacturers
Private label: structurally growing, cyclically supported
Cranswick and Greencore will release their FY26 and H1-26 results on May 19th and 27th respectively. We believe both companies are particularly well positioned, with the themes outlined in...
Greggs plc
Trading update – solid outcome; guidance reiterated
Year-to-date trading for Greggs has been solid and ahead of expectations, with like-for-like (LFL) growth of 2.5% (VA: c.2%) accelerating to c.3.3% over the last ten weeks. Commentary...
Dole plc
Q1 results – healthy start, guidance reiterated
Dole delivered a solid start to the year, with Q1-26 revenue ahead of consensus and adjusted EBITDA broadly in line, despite a tougher Fresh Fruit cost backdrop. While flagging...
