Greencore, the Irish food group, has reported a 13% increase in revenue for the year ended September 29. The group’s pro forma revenue was up 13% compared to the previous financial year. Revenues for the food-to-go categories rose by 10% throughout the year, while sales of other convenience categories jumped by 22% during the period. In the first half of the financial year, sales increased by 20.1% to £925.8m (€1.06bn). The company expects adjusted operating profit to exceed market expectations at around £74m – £76m and net debt to decline to around £155m compared to £180m in the previous financial year. Greencore plans to return a total of £50m to shareholders by May of next year. Goodbody analyst Jason Molins praised Greencore’s robust trading performance in a challenging consumer environment and its expected profit outcome for FY23.
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