Dublin / IE. (gg) Greencore Group PLC, a leading manufacturer of convenience food in the UK, issues its trading update for the 13 weeks ended 30 June (Q3-2023). Performance:
- Greencore delivered a solid financial and operational performance in Q3 FY23, underpinned by outstanding customer service levels and the ongoing resilience of the categories in which it operates.
- Group reported revenue increased in Q3 FY23 by 1.9 percent to GBP 495.4m. On a Pro Forma basis revenue grew by 9.3 percent with the increase driven by a combination of inflation recovery and underlying volume growth, supported by the contribution from new customer wins. Across the Group, manufactured volume growth in the quarter was +0.9 percent.
- Q3 FY23 reported revenue in food to go categories increased by 0.6 percent to GBP 335.3m with Pro Forma revenue growth of 8.1 percent. The increase was primarily due to inflation recovery, in addition to food to go manufactured volumes being 2.0 percent ahead of Q3 FY22. Revenue from the distribution of third-party products was approximately 1 percent ahead of the prior year due to higher volumes.
- Q3 FY23 reported revenue in other convenience categories was GBP 160.1m, a 4.7 percent increase year-on-year. On a Pro Forma basis this represented a 12.1 percent increase. The improvement was largely due to inflation recovery, the on-boarding of new business wins in ready meals coupled with a strong performance across ambient sauces. Underlying ready meals volumes in the quarter were 2.6 percent lower net of new business wins.
- Cost inflation continues to be managed through ongoing recovery and other mitigating actions, although the rate of inflation in some areas is now beginning to slow.
- Profit conversion and underlying free cash generation in Q3 FY23 were in line with management expectations and underpinned by on-going operational and commercial initiatives.
For additional information please read the Company’s PDF file below (130 KB):
20230729-GREENCORE-Q3-2023.OTHER TOPICS FROM THIS SECTION FOR YOU:
- Cloetta AB: announces Q2-2024 interim report
- Axfood AB: Reports Q2-2024 Financial Results
- Chef Robotics: Launches AI-Powered Food Robot
- Conagra Brands: Reports Fourth Quarter 2024 Results
- Limerston Capital sells Village Bakery to Groupe Menissez
- GrubMarket: Buys Major Foodservice Company in Texas
- Lantmännen acquires Entrack AB
- DPC Dash: Concludes H1-2024 with Sustained Expansion
- Norway: Orkla Food Ingredients acquires FDE
- Fondo Italiano d’Investimento co-invests in Casa della Piada
- Greggs: invests in a new frozen manufacturing and logistics site
- Bundeskartellamt imposes fine against «Fritz!» manufacturer AVM
- Yum China: Celebrates Opening of its 200th KCoffee Store
- Beijing intends to roll out 5’400 food production robots
- K-Citymarket: sees significant sales growth in Finland
- DPC Dash: reaches 900-store milestone in China
- Coffee Holding: Terminates Merger with Delta Corp Holdings
- Perkins Restaurant + Bakery: introduces new brand identity
- Engelmans Bakery: acquires St. Armands Baking Company
- National DCP: Breaks Ground on New Distribution Center