Greencore performance bounces back after challenging Q3
The news comes following a trading statement that reported a dip in revenue in its third quarter (Q3) financial results for the 13 weeks ended 28 June 2024.
However, in its trading update for the fourth quarter (Q4) and full year (FY24) ended 27 September 2024, the company revealed that like-for-like sales for Q4 were up 3.7% year-on-year driving FY24 LFL revenue growth, also up to 3.4%.
Greencore said that profit conversion during Q4 was also ahead of its expectations. It now anticipates FY24 revenue of c.£1.8bn and adjusted operating profit ahead of current market expectations and in a range of £95m-£97m.
The manufacturer said its performance was the result of a 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 our network.
Dalton Phillips, chief executive officer at Greencore, 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."
He added: 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."
Greencore publishes its full year results on 3 December 2024.
