Convenience food manufacturer Greencore reported “strong growth” in its H1 interim financial report.
The manufacturer reported H1 revenue of £866.1 million, down from its 2023 revenue of £925.8 million. Its adjusted earning before interest, taxes, depreciation and amortisation (EBITDA) was £55.9 million, which was an increase of 40.1% from the 2023 H1 adjusted EBITDA of £39.9 million.
Greencore also reported “strong growth” in adjusted operating profit to £28.3 million, up from its 2023 figure of £11.8 million.
The company said it had “continued to enhance performance across manufacturing footprint”, and planned to consolidate its soups business into a single site for “efficiency gains”.
Dalton Philips, chief executive officer at Greencore, said: “Greencore delivered excellent progress against its strategic priorities in the first half and continue to outperform the market in a difficult consumer spending environment.
“The Group’s accelerating financial performance is very encouraging as we focus on driving profitability and returns. We are working with our major retail customers to develop new products and new offerings which are driving the growth of our Food to Go segment ahead of the market.”
Philips continued: “We have exited low margin business and are undertaking a range of actions to increase the returns profile of each element of the portfolio. We have many opportunities to continue to grow our business profitability and have commenced investing in our IT infrastructure to create a solid platform for growth and enable further efficiency gains across the Group.
“Notwithstanding this additional investment, and while our seasonally stronger second half is still ahead of us, we now expect FY24 adjusted operating profit in a range of £86-88 million, ahead of current market expectations.”
