Greencore upgrades full-year guidance after strong Q4 [Video]

Dublin-headquartered convenience food maker Greencore has upgraded its guidance ahead of the publication of its annual results in December.

The company has reported like-for-like revenue growth of 3.7% for Q4 and 3.4% for the full year and now expects to report turnover of £1.8bn for its full year, which ended in September.

Greencore said its sales volume performance was encouraging given some of the seasonal factors it encountered with almost all categories experiencing growth.

Profit conversion in Q4 was ahead of expectations, and the group anticipates a full-year adjusted operating profit that is ahead of market expectations and in the $95m-97m range.

The group credited a continued strong focus on improving returns across its portfolio, other commercial initiatives and enhanced operational efficiency in areas such as labour and waste for the return.

Adjusted operating profit will be impacted by a cost of £2.5m relating to its technology transformation programme.

Net debt will come to approximately £148m, …