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Greencore Shares Soar As Ready Meals Maker Beats Earnings Expectations For Third Time

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Greencore Group,Earnings,Shares

Greencore Group's shares reached their highest point since the start of the Covid-19 pandemic on Tuesday after the company announced that its 2024 earnings estimates would surpass analysts' expectations for the third consecutive time. The Dublin-based food group, which supplies ready meals and sandwiches to major retailers like Aldi and Marks & Spencer, revised its adjusted operating profit forecast upwards.

Greencore Group’s shares soared to their highest level since the outbreak of the Covid-19 in early trading on Tuesday as the marker of sandwiches and ready meals for Aldi to Marks and Spencer said its 2024 earnings estimates would beat analysts’ expectations for a third time.

Analysts suggested that Greencore may see its earnings rise towards its pre-pandemic peak of £105 million in its current financial year. The group’s chief executive, Dalton Phillips, has targeted reaching that level in 2026. “The Greencore team delivered an outstanding performance with our fiscal year 2024 results now expected to exceed current market expectations,” said Mr Phillips, who took over from long-servicing CEO Patrick Coveney two years ago.

Greencore’s sales rose an annual 3.7 per cent on a like-for-like basis in the fourth quarter and expects to officially report full-year revenues of about £1.8 billion when it publishes its results in December.

 

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