Greencore revenue rises despite ‘challenging’ market

Revenue at Greencore rose in 2023 as the food group put in a strong performance despite a challenging consumer environment.

The company also said it would continue the £50 million (€58 million) share buyback programme it announced in May last year. To date, a total of £35 million has been returned to shareholders.

In a trading update for the year ended September 29th, the company said revenue rose 10 per cent, with the fourth quarter seeing a 2 per cent increase. Operating profit was ahead of market expectations, Greencore said, and would be in the range of £74 million to £76 million.

Net debt is expected to be £155 million at the end of the year, down from £180 million in 2022, as the company invested £36 million in capital expenditure and completed a further share buyback.

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The period also saw the completion of the sale of Trilby Trading Ltd.

“The Greencore team has delivered a strong second-half performance in what was a difficult seasonal comparative period and against the backdrop of inflation and a challenging consumer environment. We continue to drive operational improvements across the business underpinned by our commitment to quality and customer service,” said chief executive Dalton Philips.

“While macroeconomic uncertainty remains, we are pleased with the expected FY23 outcome and are committed to driving an improved financial performance in the period ahead.”

Greencore will report its full-year results for the year on November 28th.