Jun 6 2025
Food and beverage
Recent Research
Cranswick plc, Solid finish to FY25
May 20 2025
AG Barr, Milton Keynes site visit
May 16 2025
Dole plc, Model update – FY25 upgrade
May 14 2025
Treatt plc, H1 results in line
May 13 2025
Meet your Food and beverage Research team
AG Barr
Capital Markets Day – current strategy underpins continued momentum
At its recent Capital Markets Day (CMD), AG Barr outlined its medium-term ambitions, targeting organic revenue growth of 4-6%, an adjusted operating profit margin of 14-16% (FY25:...
C&C
FY25 results in line, encouraging start to FY26
Headline results for FY25 were in line with our forecasts and pre-announced figures. Progress on platform stabilisation was evident during the year as Matthew Clark Bibendum returned...
Cranswick plc
Solid finish to FY25
Cranswick’s FY25 adjusted operating profit came in modestly ahead of consensus at c.£207m (VA consensus: c.£202m, +c.2%). Like-for-like (LFL) growth remained robust in H2-25 at c.7%...
AG Barr
Milton Keynes site visit
AG Barr’s strong operational capabilities and commercial acumen were clearly evident during our recent visit to its Milton Keynes manufacturing facility. The company’s sharp focus on...
Greencore Group
Bakkavor acquisition – significant value potential
Greencore has finalised its agreement to acquire Bakkavor, and there are no meaningful changes to transaction details. Greencore expects to deliver at least £80m in cost synergies by...
Dole plc
Model update – FY25 upgrade
We are upgrading our FY25 adjusted EBITDA forecasts by c.3.5% to c.$393m following Dole’s strong performance in Q1-25. We continue to believe Dole’s current valuation undervalues its...
Treatt plc
H1 results in line
H1 results were in line, with figures pre-announced on April 10th. Full-year guidance is unchanged with added disclosure on the second half revenue bridge. Treatt implemented several...
Dole plc
Strong start to FY25; full year guidance raised
Dole delivered a strong start to the year, with Q1-25 adjusted EBITDA above internal expectations and Visible Alpha (VA) consensus (+c.7% beat). Despite the ongoing macro uncertainty,...
Associated British Foods
Model update: Sugar-driven downgrades
We are lowering our FY25 and FY26 adjusted operating profit forecasts by 5.5% and 4.7%, respectively, largely reflecting deeper and more prolonged weakness than previously anticipated...
Kerry Group
Solid start to FY25; additional buyback announced
Kerry Group Q1 volumes at 3.1% were in line with our expectations. Good growth was reported in Emerging Markets and the foodservice channel. The group reiterated FY25 constant...
