Davy Morning Equity Briefing
Apr 13, 2026
Vistry Group
Adam Daniels appointed CEO with immediate effect
Adam Daniels has been appointed Chief Executive Officer (CEO) of Vistry Group with immediate effect. Previously he was Executive Chair of the Yorkshire, North Midlands and West divisions of the company.
Treatt plc
Model update: 7% PBTE cut as volatile dynamics weigh on earnings
Ahead of H1-26 results, we are lowering our profit before tax and exceptional items (PBTE) forecasts by c.7% in FY26, FY27 and FY28. This is driven by North American beverage demand and lower citrus related pricing. Our forecasts for FY26 are H2 weighted, with limited visibility despite a robust order pipeline. We update our price target to £2.32 and reiterate our ‘Neutral’ rating. Upside to the investment case is contingent on clear evidence of a sustained inflection in PBTE margins over the medium term.
Economics weekly
Weaker Q2 growth is likely due to fuel and traffic disruptions
Ongoing traffic and fuel disruptions in Ireland over the past week appear certain to reduce economic growth in the second quarter, despite the Government trebling its package of business and household supports over the weekend. This week sees February data for UK GDP along with Irish residential property prices, goods exports and imports, and employee payrolls. We expect annual UK GDP growth will weaken further below 1% and Irish three-month payrolls growth to increase above 2%. Last week, early US consumer sentiment data for April plunged to a record low, while March consumer prices increased rapidly due to energy.
