Sep 10 2026
Food and beverage
Recent Research
Glanbia, CFO transition
Sep 10 2026
Meet your Food and beverage Research team
Associated British Foods
Q4 update: softer Primark LFL; further sugar downside
Primark delivered a Q4 like-for-like (LFL) decline of 3% (Visible Alpha (VA) consensus: -2.2%), with the drag led by Continental Europe and UK/Ireland broadly flat. Management are guiding...
Glanbia
CFO transition
Glanbia’s longstanding Chief Financial Officer (CFO) Mark Garvey has announced his retirement from the business. He will be replaced Wendy Chang Smith, currently Chief Digital &...
Genus plc
FY26 results – solid finish; buyback announced
Genus’ FY26 adjusted PBT came in at c.£100.2m, modestly ahead of prior guidance and increasing c.34% year-on-year (yoy) excluding milestone payments. The company has also announced a...
Genus plc
Coded for growth: initiating on Genus
We are initiating coverage of Genus plc, a global animal-genetics group with leading positions across porcine and bovine genetics. The investment case is underpinned by proprietary...
Givaudan
Summer Investor Conference – key highlights
The centrepiece of Givaudan’s Summer Investor Conference was CEO Christian Stammkoetter’s report card on his first six months in office – the original framework for the group’s 2030...
Symrise
Sells its terpene ingredients business
Symrise has agreed to sell its terpene ingredients business to Mutares, a private equity firm quoted on the German market. The disposal was expected and in line with its strategy to...
Dole plc
Meaningfully de-risked, yet valuation remains disconnected
We are modestly lowering our FY26 adjusted EBITDA forecast by c.1% to c.$401m, reflecting a slower pass-through of recovery mechanisms and the lingering impact of the Middle East...
Greggs plc
Burden of proof shifts to execution: moving to ‘Neutral’
Greggs shares have re-rated meaningfully since its interim statement, supported by stronger near-term margin delivery. We continue to recognise the quality of the store rollout model,...
Dole plc
Resilient Q2 outcome
Dole delivered a resilient Q2 outcome, with adjusted EBITDA of c.$117m c.7% ahead of VA consensus. Fresh Fruit was the principal drag, while strong Diversified Americas & ROW growth...
Glanbia
H1-26 results: beat and raise
Strong execution across all three platforms drove a 5.4% first-half EBITDA beat for Glanbia and supports a meaningful upgrade to full-year guidance. Optimum Nutrition remained a...
