Greencore: announces Q3-2024 trading update

Dublin / IE. (gg) Greencore Group PLC, a leading manufacturer of convenience food in the UK, issues its trading update for the 13 weeks ended 28 June (Q3-2024). Summary Financial Performance:

• Strong financial and operational performance underpinned by outstanding customer service levels of 99.4 percent.
• Like for Like (LFL) revenue increased 1.4 percent year on year, with LFL manufactured volumes more subdued resulting from the strong June 2023 comparator.
• Continued improvement in profit conversion year on year through ongoing commercial and operational actions.
• Completed rationalisation of soup sites and continued focus on operational initiatives aimed at deploying best practice learnings throughout the network.
• Strong underlying free cash generation delivering returns for shareholders. GBP 30 million share buyback progressing well and intention to restore dividend for the full year.
• Upgrading FY24 outlook of GBP 88-90m Adjusted Operating Profit, ahead of prior guidance and current market expectations.

Chief Executive Officer Dalton Philips: «Q3 represents another excellent performance by the business against a tough comparative period. Our continued progress has been delivered through ongoing impactful operational and commercial initiatives, which we are continuing to implement at pace, supporting the improved profit conversion in the quarter.»

For additional information please read the Company’s PDF file below (110 KB):

20240726-GREENCORE-Q32024.