Jun 26 2024
Food and beverage
Recent Research
C&C, FY24 results summary; CEO stepping down
Jun 7 2024
Greencore Group, Breadwinning execution
May 31 2024
Meet your Food and beverage Research team
Food
Ingredients H1-24 – Fragrance dividend still rolling
The salient dynamic within the Ingredients sector is the growth delta between fragrance oriented activities and food and beverages. Leverage to fragrance volumes will boost H1-24...
THG plc
AGM trading update – FY24 guidance unchanged
THG revenue performance remains on track with its previous guidance, with growth supported by positive trading across the Beauty and Ingenuity divisions, while strength in the offline...
Origin Enterprises
Q3 update – commendable trading performance
Full year EPS guidance of 45-48c versus previous guidance of 44-49c (Davy f 45.8c) is highly commendable in the context of exceptionally challenging on-farm conditions seen in the early...
DSM-Firmenich
Capital Markets Day reassures on integration and ambition
The Capital Markets Day (CMD) reassured on a number of fronts including progress on integration, ingredient toolkit relevancy and a sharper focus on operational execution allied with...
C&C
FY24 results summary; CEO stepping down
Prior year adjustments and management changes mark another challenging update for C&C shareholders to absorb. The Board’s commentary is unambiguous, noting failures in the group’s...
Origin Enterprises
Agrii Polska site visit – Continental Europe a good growth opportunity
Our key takeaway from the Origin Enterprise site visit to its Polish operations is a growing willingness from Continental Europe (CE) farmers to adopt value-add products and services...
Greencore Group
Breadwinning execution
Given strong execution, emphasized by its H1-24 performance, allied with the material ongoing progress made towards its multi-horizon approach, we believe Greencore will return to...
Dole plc
Model update
We are lowering our FY24 adjusted EBITDA forecasts by 3.7% to c.$371m, primarily reflecting the impact of the Progressive Produce disposal. Dole’s strong Q1-24 performance underscores...
Ingredients
The power of fragrance
We believe the conditions are in place for Fragrance suppliers with superior market positions to continue to outpace industry growth and deliver structurally higher margins. The flywheel...
Cranswick plc
Strong finish to a stellar year
FY24 adjusted operating profit and EPS came in ahead of consensus forecasts – reflecting continued operational excellence at Cranswick. Adjusted operating margin improved sequentially...
