The convenience food manufacturer Greencore Group Plc has released a trading update for the fourth quarter, highlighting an impressive achievement of “strong momentum” throughout the period.
In this trading update, Greencore reported that its like-for-like revenue growth increased by an impressive 3.7% year-over-year. Furthermore, the company anticipates that its FY24 revenue will reach approximately £1.8 billion. Notably, the like-for-like volume performance has been described as “encouraging given some of the seasonal factors encountered,” with nearly all product categories experiencing some degree of growth in like-for-like volume.
Additionally, the manufacturer’s profit conversion has exceeded expectations, with Greencore now projecting its FY24 adjusted operating profit to be “ahead of current market expectations,” falling within the range of £95 million to £97 million. This positive outlook stems from the company’s “continued strong focus” on improving returns across its diverse portfolio, implementing various commercial initiatives, and “enhancing operational efficiency” in critical areas such as labor management and waste reduction across its operational network.
Greencore also emphasized its ongoing efforts to generate robust cash flows and strengthen its balance sheet. The company remains committed to the strategic priority of “rebuilding profitability.”
Dalton Philips, the chief executive of Greencore Group Plc, commended the team’s outstanding performance, stating: “The Greencore team delivered an outstanding performance with our FY24 results now expected to exceed current market expectations. Providing high-quality, fresh and healthy food to our customers every day is at the heart of what we do. To all our colleagues who work tirelessly to make this happen I would like to say a huge thank you!”
Looking ahead, Philips articulated the company’s focus as it enters the new financial year: “As we enter the new financial year, our focus remains on making really great food, rebuilding our profitability, and positioning Greencore to be the UK’s leading convenience foods manufacturer. We’ll share more detail at our FY24 results in early December and will use our Capital Markets Day in early 2025 to outline our medium-term growth strategy.”
