Greencore Group, a London-listed Ireland-based convenience-foods maker, has announced a revenue increase for the third quarter of fiscal 2023. The company expects its adjusted operating profit for the year to align with current market expectations.
Q3 Revenue Growth
For the 13-week period ending June 30, Greencore Group reported revenue of £495.4 million ($635.4 million), representing a 9.3% rise on a pro forma basis. This growth was primarily driven by a combination of inflation recovery and underlying volume growth, as well as contributions from new customer wins.
Segment Performance
In the food-to-go categories, revenue increased by 0.6% to £335.3 million, while revenue in other convenience categories rose by 4.7% to £160.1 million. However, there was a decrease in underlying ready meals volumes by 2.6% net of new business wins.
Outlook for the Fiscal Year
Greencore Group stated that it expects its adjusted operating profit for the fiscal year to be in line with the company-compiled consensus of £70.0 million. Chief Executive Dalton Philips expressed confidence in delivering a full-year outcome aligned with current market expectations as they enter the seasonally important fourth quarter of trading.
Share Performance
At 0701 GMT, Greencore Group’s shares were up 0.25 pence, or 0.3%, at 84.95 pence.
