Greencore Group PLC - Dublin-based maker of package sandwiches and other convenience food - Tells annual general meeting on Thursday that revenue declined by 4.7% annually in the first quarter of its financial year to GBP441.3 million. However, on a pro forma basis, which adjusts for the disposal of Trilby Trading Ltd in Ireland last year, revenue is down just 0.4%. On a like-for-like basis, it is up 5.8%. Greencore's largest category, food-to-go, has GBP293.7 million in revenue, up 0.9% on a both a reported and pro forma basis, while other convenience categories has GBP147.6 million in revenue, down 14%, or by 3.0% pro forma.
Greencore says profit conversion in the recent quarter - the 13 weeks that ended December 29 - is improved from a year ago in line with management expectations. Looking ahead, Greencore says inflationary pressure on raw material and energy costs is easing but wage inflation persists. It expects the full year to be in line with market expectations. These call for adjusted operating profit of GBP80.5 million to GBP85.0 million, which would be up from GBP76.3 million in financial 2023.
Greencore will report results for the half year ending March 29 on May 21.
Greencore also says Linda Hickey replaces Sly Bailey as senior independent director, as Bailey and John Amaechi both step down from the board at the AGM.
Current stock price: 102.00 pence, down 0.9% in London on Thursday
12-month change: up 33%
By Tom Waite, Alliance News editor
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Greencore (GNC)