Food and beverage

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Associated British Foods

Cash is king – Primark recovery in train

Associated British Foods’ (ABF) outlook statement points to a stellar cash performance as the global Primark estate resumes trading. The placement of c.£1bn of autumn/winter stock...

Total Produce

Trading update: resilient performance through H1

Total Produce’s trading update underscores the resilience of its operating model, with interim revenues now expected to be broadly in line with 2019 – c.3% ahead of our expectations....

Cranswick plc

Forecast revisions – quality, growth and resilience at a reasonable price

Whilst operating in a challenging environment, Cranswick is well positioned to grow profits in FY 2021 – a claim few can make. Growth levers include the recent poultry capacity expansion,...

ARYZTA

Revenue and liquidity update

While all eyes remain on the outcome of the forthcoming strategic review and EGM, today’s update highlights operational progress. Notable was the performance in North America through...

Danone

Cautious stance on near-term growth forecasts

Danone’s AGM update noted significant weakness in its Waters business, with Q2 sales expected to decline by c.30%. Regional commentary struck a cautious tone, with many regions...

Ingredients

Flavour and Fragrance leadership – demonstrating resilience

We expect Symrise and Givaudan to emerge from the current crisis with enhanced propositions. We forecast healthy levels of organic revenue and EBITDA growth for FY20. We upgraded...

Cranswick plc

Full-year results ahead of expectations; robust performance through COVID-19

Cranswick’s full-year results reflect a strong outturn across all four product categories, with a notable performance in its export business underpinned by the African Swine Fever...

Origin Enterprises

Weather whiplash prompts further profit warning

2020 will mark the second time in five years that externalities have resulted in pronounced profit impairment. Following the fifth wettest winter on record in the UK, persistent dry...

C&C

Entering a new phase – route to market platform integral

The post-lockdown environment marks a new phase for C&C. While the old Matthew Clark Bibendum (MCB) playbook remains relevant, the next phase is likely to require an acceleration of...

DSM

To acquire animal nutrition businesses of Erber Group in 14x deal

DSM has announced the acquisition of the animal nutrition and health businesses of Erber Group in a deal valued at c.14x EBITDA. DSM’s Animal Nutrition and Health platform has been a...