Greencore upgrades guidance after reporting revenues of 465m in Q3 [Video]

Sandwich maker Greencore has upgraded its full-year adjusted operating profit guidances to £88-90m after seeing like-for-like revenue growth during its third quarter.

The Dublin-headquartered convenience food manufacturer reported turnover of £465.2m for the three-month period ending in late June, up 1.4% on a like-for-like basis from the same span last year but down 6.1% on a reported basis.

The overall decline reflects Greencore’s disposal of its Trilby Trading vegetable oils and fats import and distribution business for €9.8m last June, and the company’s exit from a number of low-margin contracts.

The FTSE 250 firm’s food-to-go division brought in revenue of £330.2m, representing a like-for-like increase of 2.4% and an overall decrease of 1.5%, while other convenience categories made sales of £135m, down 1.1% like-for-like and 15.7% reported.

Greencore said the like-for-like revenues increase was “more subdued” due to strong trade in June 2023, but boasted that its “strong financial and operational performance” had been underpinned by customer service levels of 99.4%.

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