Convenience food maker Greencore said today that it was on track to deliver full-year results in line with current market expectations after a “solid” financial performance during its third quarter period.
Over the 13 weeks to 30 June, the group’s reported revenue rose 1.9% to £495.4m. On a pro-forma basis, it was up 9.3%, driven by a combination of “inflation recovery” and underlying volume growth, supported by new customer wins.
Food-to-go sales rose 0.6% (+8.1% pro-forma) to £335.3m, while other convenience categories saw sales increase 4.7% (+12.1% pro-forma) to £160.1m.
Greencore noted that cost inflation continued to be managed through ongoing recovery and other mitigating actions, although the rate of inflation in some areas is now beginning to slow.
Chief Executive Dalton Philips commented: “The food-to-go category remains hugely relevant to consumers as they contend with the cost of living crisis, and it is particularly notable that 52% of supermarket sandwiches are now bought as part of a meal deal, up from 46% this time last year. We are delighted that our core category is playing such a key role in feeding the UK, and in a way that represents such good value.
“As we enter the fourth quarter, which is a seasonally important trading period for the business, we remain confident that the group will deliver a full year outturn in line with current market expectations.”
