Davy Morning Equity Briefing
Sep 10, 2026
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 £60m share buyback programme, reflecting the Board’s confidence in the future growth prospects and cash generation of the business. For FY27, the group expects adjusted PBT to be in line with consensus expectations (c.£93m) and moderately ahead of normalised FY26 adjusted PBT (c.£90.3m). At first look, we expect minimal changes to our forecasts.
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 & Transformation Officer, who will be appointed Glanbia CFO and an Executive Director on the company's Board on March 31st 2027. Garvey provided disciplined financial leadership for the group throughout a period of significant transformation and leaves it in a strong financial position.
Glenveagh Properties
Additional €50m buyback announced along with increased FY26 guidance
In what will be a H2-weighted year, as expected Glenveagh is very well set up to deliver strong volumes in the second half. A strong WIP position (€505m, up 46% year-on-year) along with high growth in the order book (+29% to €1.8bn) have led to the company upgrading FY26 volume guidance by c.5% and also improving EPS guidance.
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 Primark margin of c.10% in FY26 and FY27, including continued reinvestment in LFL growth. Management have also announced that Primark will offer UK home delivery in the future, though a timeline and financial details have not been disclosed. On Sugar, the company now expects a FY27 adjusted operating loss of £70-170m (VA consensus: -£60m). At first look, we see c.mid-single-digit (MSD) percentage downside to our FY27 profit current forecasts.
