Convenience food manufacturer Greencore has released its results for the fourth quarter, which it said concluded an “excellent year” with continued progress against its strategy.
Revenue growth experienced throughout the year continued into Q4, up 8% on Q4 FY24, which Greencore said was driven by new business wins, new product innovation and favourable weather. The group said it now expected to report FY25 revenue of approximately £1.95 billion.
Greencore found that product innovation was a “strong contributor” to growth after the manufacturer launched 130 new products during Q4, and profit conversion was ahead of expectations, driven by strong volume momentum and a focus on cost management through the Group’s excellence initiatives.
Volume momentum continued into Q4, particularly food-to-go categories such as sandwiches and sushi. This brings to a close a year of “robust” volume growth, with FY25 manufactured volume growing approximately 3% and underlying volume growing 1% (excluding new business wins).
As a result of its “strong” performance, the Group now anticipates that its FY25 adjusted operating profit will be approximately £125 million, above previous guidance.
Dalton Philips, chief executive officer of Greencore, commented: “We had another excellent quarter in Q4, which rounded out an exceptional year. I am proud of the Greencore team for the passion and commitment they bring each day, allowing us to deliver for our customers. While there are wider economic headwinds, the strong performance means we are again upgrading our full year guidance.
“Our focus in the new financial year remains on producing high-quality, fresh food for consumers across the UK. We look forward to completing the Bakkavor transaction, subject to regulatory approval, and remain excited about the potential of combining two great UK food businesses, enhancing our product offering for our customers and UK consumers.”
