Food and beverage

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Kerry Group

In line result – strengthening momentum in evidence

Kerry’s full-year result confirms that it exited 2019 with strengthening momentum as it continues to enhance its leadership position in Ingredient Solutions. In the context of a...

Ingredients

IFF: broad guidance range reflects market uncertainties

Management’s broad guidance range for 2020 is emblematic of the current revenue environment – marked by volatility and complexity. The market is still trying to get comfort on the...

DSM

Nutrition momentum slows – moving to a ‘Neutral’ rating

DSM’s transformation to a growth-led organisation has impressed. From 2015 to 2019, it grew EBITDA by close to 60%, driven by sustained organic revenue growth and margin expansion...

Ingredients

China – Q1 headwinds under-appreciated

While the outbreak of coronavirus across China has been well-documented, its economic impact remains under-appreciated by the market. Inter-connected supply chains are likely to amplify...

Danone

The rocky road to 2020 targets

We buy into the ‘New Danone’ ethos of greater discipline, relevance and adaptivity – as evidenced by margin and revenue progression. However, Danone has a habit of reminding investors...

Tate & Lyle

Robust performance despite slowing volumes

Tate & Lyle has delivered a robust Q3 performance, pointing to ongoing operational progress across the group. The absence of volume growth in Food & Beverage Solutions is the only...

Greencore Group

Muted start to FY 2020 against challenging backdrop

The muted start to FY 2020 was not unexpected in the context of a challenged retail backdrop and strong prior year comp. Like-for-like growth in Food-to-Go (FtG) (+0.5%) was driven...

Givaudan

Growth headwinds persist through Q4

Givaudan’s Q4 revenue out-turn has missed expectations and points to slowing momentum as pricing-led organic growth begins to taper. Weakness in North America Flavours has now...

C&C

Enhanced platform, enhanced potential

Twenty months on from the Matthew Clark Bibendum (MCB) acquisition, C&C’s ambitions for its integrated platform continue to develop. MCB has quickly re-emerged as a highly relevant...

Ingredients

2020: risk of a growth sabbatical – time for vigilance

Delivery of best-in-class revenue growth has been a defining tenet of sector leadership in Flavour and Fragrance (F&F)/Ingredients. A strong relationship exists between the rate of...