25th Jul 2023 11:08
Greencore Group PLC - Dublin-based maker of convenience foods - Revenue in the 13 weeks that ended June 30, Greencore's financial third quarter, is GBP495.4 million, up 1.9% from a year before. Greencore says the annual increase was 9.3% when applying constant currency rates and excluding an extra week from the year-earlier period. Within this, food-to-go revenue was GBP335.3 million, up 0.6% or 8.1% pro forma, and other convenience food was GBP160.1 million, up 4.7% or 12% pro forma. Greencore says revenue growth was driven by inflation cost recovery, underlying volume growth, and new customer wins.
Greencore will report financial 2023 results on November 28. It expects these to be in line with current market expectations of GBP70.0 million in adjusted operating profit. This would be down slightly from GBP72.2 million in financial 2022. The second half of the year is expected to show profit and cashflow progression over a year before, however.
"The food-to-go category remains hugely relevant to consumers as they contend with the cost-of living crisis," says Chief Executive Officer Dalton Philips, adding: "Our priority in the near-term is to rebuild profitability and returns to create a platform on which to build for future growth."
Current stock price: 86.80 pence, up 2.5% in London on Tuesday
12-month change: down 19%
By Tom Waite, Alliance News editor
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