Davy Forcast25 Jan 2024 08:51
Greencore Group
Q1 update – off to a positive start
Greencore’s healthy Q1 like-for-like (LFL) growth of 5.8% (excluding Trilby and contract exits) was supported by healthy Christmas trading, with manufactured volumes ahead 5.6% over the four week period. Food to go (FtG) performance was supported by an overall sandwich LFL volume increase of 3%. Profit conversion was in line with management expectations, with cost inflation abating across raw materials and energy. The group anticipates FY24 profit delivery to be in line with current market consensus. As such, we envisage limited changes to our forecasts.