RE: Results24 Jul 2024 08:54
Convenience food maker Greencore raised its annual profit guidance. The firm said like-for-like revenue in the third quarter ended June 28 rose 1.4%. It noted manufactured volumes were "more subdued", however, as June 2023 presented a "strong" comparator. Overall revenue fell 6.1% on-year to GBP465.2 million. "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," CEO Dalton Philips said. For the full-year, it now expects adjusted operating profit in the range of GBP88 million to GBP90 million, "ahead of previous guidance and market expectations". It puts market expectations for profit at GBP87.6 million. Adjusted operating profit in financial 2023 rose 5.7% to GBP76.3 million.