Convenience food manufacturer Greencore has issued its results for the 52-week period ended 26th September 2025, reporting a “strong performance” across all key financial measures.
It said that FY26 had “started positively” with the recommended acquisition of Bakkavor Group Plc expected to complete in early 2026, subject to regulatory approval.
Group revenue for FY25 reached £1.9 billion, up 7.7% from FY24’s revenue of £1.8 billion. Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 17.9% on the year to reach £181.2 million, up from £153.7 million.
Adjusted operating profit increased by 28.9%, hitting £125.7 million. Adjusted operating margin increased by 110 basis points to reach 6.5%, which Greencore said was supported by volume momentum and cost management through Greencore’s excellence programmes.
The manufacturer boasted an overall manufactured volume growth of 2.5%, inclusive of new business wins, and underlying volume growth of 1.1%, which it said was ahead of the wider grocery market growth of 0.7%.
The Group said it continues to progress its recommended acquisition of Bakkavor Group plc. In October 2025, the Competition and Markets Authority (CMA) concluded its Phase 1 review into the transaction and identified no competition concerns related to c.99% of the revenues of the combined Group. Greencore said that they identified competition concerns in the supply of own-label chilled sauces, and on 7th November 2025 the CMA accepted in principle the sale of Greencore’s Bristol chilled soups and sauces site as a proposed remedy in lieu of a Phase 2 investigation.
Dalton Philips, Greencore chief executive officer, commented: “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.
“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.
“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.”
