Irish convenience food manufacturer Greencore raises profit forecast
According to the company, in the 13 weeks ending on June 27, revenue at the company increased 9.9% to £511.1m. Its food-to-go category saw revenue of £360.7m (€418.17m) up 9.2%, while revenue in its other convenience categories increased 11.4% to £150.4m
Overall manufactured volume grew 3.6% during the period with volume growth 'encouraging' across most categories, particularly in sandwiches, sushi and ready meals, according to the company.
The company said while it remains cautious around the uncertain UK economic environment, alongside continued inflationary pressures, it still revised upwards its adjusted operating profit guidance for the year which is now in the range of £118-121m.
The company's previous guidance, issued on May 15, forecasted adjusted operating profit of between £114-117m for the year.
Chief executive of Greencore Dalton Philips said the company delivered 'outstanding performance' with 'particularly strong volume momentum, aided by favourable summer weather and new business wins'.
Looking into the current quarter, Mr Philips said that their focus remains on 'maintaining momentum'.
'While we are mindful of an uncertain economic backdrop and ongoing inflationary pressures, we now expect to deliver a full year adjusted operating profit of £118-121m, ahead of previous guidance,' he said.
In April, Greencore agreed to buy rival Bakkavor valuing the company at $1.2bn. Bakkavor had already rejected at least two previous offers from Greencore.
The company also said its proposed acquisition of Bakkavor continues to progress.
'We look forward to completing the value-creating acquisition of Bakkavor in early 2026, subject to regulatory approval, and will continue to update on progress in due course," Mr Philips said.
The deal is still subject to regulatory approval, notably from the Competition and Markets Authority in the UK.
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