Oct 15 2026
Food and beverage
Recent Research
Greggs plc, Q3 update – ahead of expectations
Sep 30 2026
Meet your Food and beverage Research team
Kerry Group
US investor event showcases model strength
Kerry’s recent North America-focused investor event conveyed a clear sense of momentum and ambition. Since our previous visit two years ago, confidence in the relevance of the...
Greencore Group
Q4 update: a further upgrade to FY26 profitability
Greencore has sustained its strong trading momentum into Q4-26, achieving +4.5% pro-forma sales growth (Davy implied: +3.6%), underpinned by +2.1% manufactured volume growth. Underlying...
Givaudan
Q3 volume-led beat; Fine Fragrance shines
Givaudan delivered Q3 like-for-like (LFL) sales growth of 8.6%, which was well ahead of expectations. Fragrance & Beauty was the standout performer with exceptional growth in Fine...
Givaudan
Investor field trip – focus on Taste & Wellbeing Europe
We attended Givaudan’s recent investor field trip in Naarden, the Netherlands, which showcased Taste & Wellbeing (T&W) Europe, the division’s largest region at 28% of T&W sales. The...
Greggs plc
Q3 update – ahead of expectations
Q3 trading was ahead of expectations, with store managed like-for-like (LFL) growth of +3.4% (Visible Alpha, H2-26: +2.7%), supported by menu innovation and more settled weather in...
AG Barr
H1-27 results: on track to meet full year expectations
AG Barr exited H1-27 carrying strong momentum into the back half, with supply constraints now fully resolved and availability expected to normalise through H2-27. Management remains on...
Origin Enterprises
FY26 EPS in line, cash generation ahead
Origin Enterprises delivered FY26 adjusted EPS of 53.51c, in line with guidance (52-55c) and our forecast (Davy: 53.5c). Growth in Living Landscapes, Latin America and associates offset...
Robertet
H1-26 results: better-than-expected profitability; FY26 guidance narrowed
Robertet has delivered a better-than-expected first half on profitability, with revenue largely pre-reported in July. Interim EBITDA decreased 6.6% year-on-year (yoy), reflecting ongoing...
Associated British Foods
Model update and home delivery analysis
We are lowering our FY26 and FY27 adjusted operating profit forecasts by c.1.8% and c.6.6% respectively, reflecting further weakness in Sugar. While we believe much of this is reflected...
C&C
Trading update and acquisition
Trading in the first half of FY27 has been in line with company expectations, with EBIT expected in the range of €43-44m (Davy: €38m) – the result provides a good foundation for FY27....
