Davy Morning Equity Briefing
Oct 09, 2026
Mincon Group
Exceptional growth achieved in Q3
Mincon’s first nine-month sales growth of 28% implies an exceptional period of growth in Q3, well ahead of our expectations. We expect consensus revenue forecasts to rise by over 10% for FY26 and, with strong operating leverage likely, EBIT expectations should increase by over 20%.
SSP Group plc
FY revenue in line, new buyback
SSP Group has reported its Q4 trading statement and FY26 post close this morning. Revenue and operating profit for FY26 are expected to be £3.8bn and £230m respectively. Revenue is in line with our expectations, with operating profit c.3% behind. EPS is a shade ahead of our expectations, owing to lower minority charges (all numbers pre-IFRS 16 adjusted unless stated). It has also announced a £50m buyback (c.3.5% of the market cap). We had observed some investor concerns regarding the impact of the Middle East conflict and softer North American traffic ahead of the update, so a broadly in line revenue performance for FY26 is reassuring. Key on this morning’s call will be additional detail on free cash flow and any commentary on FY27 expectations.
