Davy Morning Equity Briefing
Apr 21, 2026
XPS Group
FY26 trading update: continued strong double-digit revenue growth
XPS delivered another year of double‑digit revenue growth, in line with expectations. Performance was driven by a supportive regulatory backdrop, continued scaling of the Insurance Consulting business, and project and client wins across Administration and Risk Transfer. Management reiterated confidence in delivering full‑year results in line with expectations, supported by ongoing cost discipline.
Associated British Foods
Interim results: outlook broadly in line; Primark demerger announced
Associated British Foods’ (ABF) interim performance was broadly in line with expectations, albeit with continued softness in Sugar. Primark guidance has been held, with Middle East cost impacts assessed as ‘manageable in 2026’. Separately, ABF has announced the full demerger of Primark, with a targeted completion by the end of 2027. While this comes against a more challenging macro backdrop, we view this as a logical strategic development. The forward focus now turns to Primark’s strategy and its ability to deliver value creation as a standalone business.
