Convenience food manufacture Greencore Group Plc has published its results for the half year ended 27th March 2026.
The company achieved a pro forma revenue of £1,318 million, up 3.2% on the year. Its pro forma adjusted operating profit was £73.3 million, up 15.3% from H1 2025’s £63.6 million, and pro forma adjusted operating margin was reported to be 5.6%.
Greencore said the revenue and profit growth was driven by good conversion, disciplined cost management and efficiency savings.
Its acquisition of Bakkavor was completed on 16th January 2026, with the “exceptional costs related to the acquisition” seeing Greencore Free Cash Flow drop to -£76 million from £37.8 million in 2025. Net debt now stands at £817.6 million, £681.4 million higher than in 2025. However, Greencore stated that the Bakkavor integration is now fully underway and “progressing to plan”.
Looking ahead, Greencore said it continues to monitor the events in the Middle East and potential inflationary impacts, but said it remains “confident in the near-term mitigations” it has in place.
“The integration of Bakkavor is progressing well and to plan.”
Dalton Philips, chief executive officer of Greencore, commented: “We are proud to announce strong half year results for the new Greencore, having acquired Bakkavor in mid-January. The combined business is in a great place, and I remain incredibly excited for Greencore’s future.
“The business continued to grow profitably during the half, with 15% pro forma adjusted operating profit growth and 3.2% pro forma revenue growth in the UK – during what was a busy period with the Bakkavor acquisition and integration. This performance is testament to the focus and dedication of every one of our 28,000 colleagues who create great food, day in-day-out.
“The integration of Bakkavor is progressing well and to plan – and we are focused on bringing our 4,000-plus product portfolio and enhanced capabilities to our customers. We are firmly on track to deliver our target of annual cost synergies of at least £80 million within three years post-acquisition.
“While we continue to monitor macro developments and inflationary impacts from the events in the Middle East, we remain confident in the short-term mitigations we have in place and the outlook for the business. We expect to deliver FY26 adjusted operating profit in line with current market expectations.”
