Davy Morning Equity Briefing
Sep 11, 2026
C&C
Trading update and acquisition
Trading in the first half of FY27 has been in line with company expectations, with EBIT expected in the range of €43-44m (Davy: €38m) – the result provides a good foundation for FY27. We expect to leave our FY27 EBIT forecast of €70.5m unchanged in what remains a challenging environment. Separately, C&C has reached agreement with Asahi UK to acquire all of its UK wholesale interests, which delivers needed scale and new customers to the group’s UK distribution platform. C&C will host a Capital Markets Day on September 24th in Glasgow.
Berkeley Group
Lowering PBT expectations for FY 2027
The company now expects £1.4bn of profit before tax (PBT) to be spread broadly evenly across the four years FY 2027 to FY 2030. When the £1.4bn PBT target was announced in April, the company expected profits to be tilted towards FY 2027. An even spread would imply £350m of PBT in FY 2027, c.5% lower than current Visible Alpha expectations.
