Greencore, a leading manufacturer in the convenience food sector, has recently announced its financial results for the 52-week period that ended on September 26, 2025, showcasing a “strong performance” across all critical financial indicators.
The company noted that the fiscal year 2026 (FY26) had “started positively.” It highlighted the anticipated completion of its acquisition of Bakkavor Group Plc, which is projected to finalize in early 2026, pending necessary regulatory approvals.
For FY25, Greencore reported a group revenue of £1.9 billion, marking a significant increase of 7.7% compared to FY24’s revenue of £1.8 billion. Additionally, the company’s adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) experienced a remarkable growth of 17.9%, reaching £181.2 million, up from £153.7 million the previous year.
In terms of operational efficiency, Greencore saw its adjusted operating profit surge by 28.9%, achieving £125.7 million. Furthermore, the adjusted operating margin rose by 110 basis points to hit 6.5%. This increase was bolstered by a combination of volume momentum and effective cost management strategies through the company’s excellence programmes.
Overall, Greencore reported a manufactured volume growth of 2.5%, which includes new business wins. Notably, the underlying volume growth was recorded at 1.1%, surpassing the broader grocery market growth rate of 0.7%. Such strong performance illustrates Greencore’s ability to adapt and thrive amidst market conditions.
In regard to strategic developments, the Group is making continual progress with its planned acquisition of Bakkavor Group Plc. In October 2025, the Competition and Markets Authority (CMA) concluded its Phase 1 assessment of the merger, identifying no competition concerns that pertain to approximately 99% of the projected revenues from the combined entity. However, the CMA did note competition issues concerning the supply of own-label chilled sauces. As a result, on November 7, 2025, the CMA accepted in principle the sale of Greencore’s Bristol-based chilled soups and sauces facility as a proposed remedy to avoid a Phase 2 investigation.
Dalton Philips, CEO of Greencore, expressed enthusiasm about the company’s outstanding performance in FY25. He stated, “Greencore delivered an outstanding performance in FY25, which is a credit to our 13,300 colleagues and our partnership with customers and suppliers. We reported strong growth against all key financial measures and have met our medium-term ROIC target, established only nine months ago.”
Philips further remarked, “Momentum has continued into the new financial year and I’m excited for what’s to come in FY26, a year that also marks Greencore’s 100th year in business. As we celebrate that milestone, we will continue to invest into strengthening our customer partnerships and managing our cost base closely.”
He concluded with a note on the strategic importance of the Bakkavor acquisition, saying, “The Bakkavor acquisition brings two great businesses together and creates real value – for customers, consumers, and our colleagues. We’re already collaborating closely with the Bakkavor team on integration planning and we look forward to bringing the businesses together in early 2026.”
