May 20 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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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...
dsm-firmenich
Q1 EBITDA in line, organic sales growth ahead
dsm-firmenich has delivered a solid start to 2026 with EBITDA in line with expectations. Organic sales growth was well ahead though aided by some pre-buying, notably in Perfumery &...
Associated British Foods
Model update and demerger analysis
We are lowering our FY26 and FY27 adjusted operating profit forecasts by c.5% and c.11% respectively, primarily reflecting further weakness in Sugar; in aggregate, we have reduced our...
Kerry Group
Good start to 2026
Kerry Group’s Q1 volume growth of 3.1% is likely to be strongest across Taste activities for the peer group and reflects credible market outperformance. The out-turn was ahead of...
Treatt plc
Döhler cash offer – significant premium
Treatt’s Board has recommended Döhler’s 305p cash offer, representing a c.50% premium to the prior close. Following the rejection of Natara’s revised proposal and a period of...
