Convenience food manufacturer Greencore Group Plc has issued a trading update for Q4, stating that it achieved “strong momentum” across the quarter.
Greencore said its like-for-like revenue growth was up 3.7% on the year, and it expects to report FY24 revenue of around £1.8 billion. Its like-for-like volume performance was “encouraging given some of the seasonal factors encountered”, and almost all categories experienced some like-for-like volume growth.
The manufacturer’s profit conversion was “ahead of expectations” with Greencore now anticipating that its FY24 adjusted operating profit will be “ahead of current market expectations” and in a range of £95 million – £97 million.
It said this was a result of “continued strong focus” on improving returns across its portfolio, other commercial initiatives and “enhancing operational efficiency” for key areas, such as labour and waste across its network.
Greencore said it “continued to drive strong cashflows and strengthen its balance sheet”, as it continues to focus on “rebuilding profitability”.
Dalton Phillips, chief executive of Greencore Group plc, said: “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!
“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.”
