Greencore, a leading convenience food manufacturer, has reported “strong growth” in its H1 interim financial report. Despite a decrease in revenue from £925.8 million in 2023 to £866.1 million in H1, the company’s adjusted EBITDA saw a significant increase of 40.1% to £55.9 million from £39.9 million in the previous year. Additionally, Greencore reported a rise in adjusted operating profit to £28.3 million from £11.8 million in 2023.
The company attributed this growth to its ongoing efforts to enhance performance across its manufacturing footprint and plans to consolidate its soups business into a single site for efficiency gains. Dalton Philips, CEO of Greencore, expressed satisfaction with the progress made in the first half, emphasizing the company’s ability to outperform the market despite challenging consumer spending conditions.
“We have exited low-margin business and are implementing strategies to increase the returns profile of each element of our portfolio,” Philips stated. He also highlighted the company’s focus on developing new products and offerings in collaboration with major retail customers to drive growth in the Food to Go segment.
Looking ahead, Greencore expects its FY24 adjusted operating profit to fall within the range of £86-88 million, surpassing current market expectations. Despite ongoing investments in IT infrastructure to support growth and efficiency gains, the company remains confident in its ability to continue expanding profitability and delivering strong financial performance in the future.
