Convenience food maker Greencore sees 2023 revenue and profit growth

Convenience food maker Greencore has seen a boost in operating profit and revenue this year thanks to a strong second half of the year and cost savings.

The upbeat full-year results come despite the group exiting a number of what it called “low margin” contracts.

Group revenue came in at £1.9bn in the financial year to the end of October, up 10pc on last year.

Group pre-tax profits were £45.2m, up +13.6pc on 2022.

Adjusted operating profit came in at £76.3m for the full year, up 5.7pc on last year.

Chief Executive Office Dalton Philips said the business had been “stabilised” in a “challenging market”.

“The Group delivered above-market volume growth, despite exiting a number of low margin contracts,” he said.

“We also successfully mitigated and recovered the majority of our input cost inflation through effective operational and commercial initiatives.

“We are encouraged by our FY23 performance and the progress across the business. That performance is testament to the strength of our relationships with our customers and suppliers and, in particular, to the hard work and dedication of the entire Greencore team.

“The Group continues to focus on improving profitability and is investing in a number of initiatives focused on both optimising our network and our IT infrastructure, to give us the platform for future growth. Our stronger balance sheet provides the financial flexibility to underpin this growth. We are pleased with the start to the year and although it’s early days, the Group remains confident in delivering FY24 within the range of current market expectations.”

Goodbody analyst Patrick Higgins said it was “another encouraging update” and that the group had “strong momentum” heading into next year.

Reporting On:www.independent.ie