Food and beverage

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Glanbia

The Hut Group – selling shovels and gold?

The pending flotation of The Hut Group (THG) piques our interest on two fronts – (1) as a competitor of Glanbia and (2) the group’s end-to-end business-to-business (B2B) e-commerce...

Total Produce

Equity materially divorced from fundamentals

The underperformance of the Total Produce equity is materially divorced from recent operational execution and delivery. Strong first-half trading is evidence of an agile economic model...

Associated British Foods

Primark trading exceeds expectations

Associated British Foods’ (ABF) full-year pre-close trading update points to a better-than-expected performance in Primark through July and August, prompting management to adjust...

Total Produce

Strong execution and category resilience drive impressive H1 outturn

Total Produce’s interim results highlight the critical importance of the produce category to consumers and the relevancy of its operating model to B2B partners. Against an acutely...

Ingredients

Chr. Hansen’s 2025 strategy – reinvestment focus

Reinvestment is the key theme of Chr. Hansen’s new medium-term strategy – focused on its core microbial and probiotics platform, claimed to be the most prominent in the world. While...

Norish

Solid H1 out-turn against a challenging backdrop

Despite significant challenges in the domestic foodservice and Chinese meat export markets, Norish’s H1 out-turn points to a solid first-half performance in its Cold Store division as...

Glanbia

Forecast revisions and equity considerations

We have pared our FY20 EPS by c.11%, primarily reflecting route-to-market and profit headwinds in GPN International – with performance across the B2B operations more resilient....

Cranswick plc

Sizzling start to the year, underpinned by retail demand; FY outlook now ahead of expectations

Mobility restrictions are driving an increase in scratch cooking across all dayparts and consumer demand for primary proteins. Cranswick’s B2B retail model enables it to capitalise on...

Glanbia

Interim results highlight contrasting performance

Headline EBITA was c.5% behind our forecast, driven by Glanbia Performance Nutrition (GPN). International route-to-market challenges persisted through the period driving significant...

Corbion

AlgaPrime outlook constructive; FY guidance confirmed

Corbion’s Q2 update points to continued underlying momentum in the PLA and lactic acid business as additional capacity in Thailand comes into the fold. Growth in Food Solutions was more...