In a remarkable show of financial strength, Greencore has surpassed its original profit expectations due to robust sales in the final quarter of 2024.
- The company witnessed a significant 3.7% rise in like-for-like sales for the three-month period ending 27 September.
- This performance uplifted its overall annual growth rate to 3.4%, indicating considerable market demand.
- Greencore’s revised annual profit forecast now stands at £95m to £97m, noticeably higher than its previous projection of £88m to £90m.
- CEO Dalton Philips commended his team’s outstanding performance and shared a strategic vision to enhance profitability and market leadership.
In the closing quarter of 2024, Greencore, the UK’s leading sandwich manufacturer, demonstrated a strong financial performance. The like-for-like sales rose by 3.7% in the three months ending on 27 September, elevating the annual growth to 3.4%. This increase is reflective of a robust consumer demand for Greencore’s products, which are supplied to major retailers such as Sainsbury’s, M&S, and Co-op.
As a result of this performance, Greencore has revised its annual profit expectations upwards, now estimating profits between £95m and £97m. This update follows a prior upward revision in July, when the company increased its profit guidance to a range of £88m to £90m from an earlier forecast of £86m to £88m.
Greencore’s chief executive officer, Dalton Philips, expressed pride in his team’s achievements, stating, “The Greencore team delivered an outstanding performance with our FY24 results now expected to exceed current market expectations.” His focus on providing high-quality, fresh food remains central to the company’s ethos.
Entering the new financial year, Philips articulated a strategic focus on enhancing the quality of food, rebuilding profitability, and positioning Greencore as a leading provider of convenience foods. The company has also had to navigate cost challenges, including an additional £30m due to the National Living Wage increases, which led to a necessary rise in product prices in April.
Greencore’s fiscal achievements underscore its robust market position and strategic progress towards strengthening its leadership in the convenience foods sector.
