Convenience food manufacturer Greencore has upgraded its full-year profit guidance again after seeing robust demand in its fourth quarter.
The company, which makes sandwiches, soups and ready meals, now expects adjusted operating profit to be in the range of £95m-97m for the 12 months to 27 September, up from a prior range of £88m-90m that it forecast in July. It stated that this was the result of a “continued strong focus on improving returns across our portfolio, other commercial initiatives and enhancing operational efficiency for key areas, such as labour and waste, across our network”.
Greencore’s like-for-like revenue growth in its final quarter was 3.7%, driving the full-year figure up to 3.4%. The group noted that its volume performance was “encouraging” in recent months, given some of the seasonal factors it encountered, with almost all categories experiencing some growth.
Chief Executive Dalton Philips said: “The Greencore team delivered an outstanding performance, with our FY24 results now expected to exceed current market expectations.”
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.”
