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Greencore Predicts Pre-Pandemic Earnings Peak in Current Financial Year

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BUSINESS News

Greencore,Earnings Forecast,Pre-Pandemic Levels

Greencore, a leading manufacturer of sandwiches and ready meals for major retailers, has indicated that its earnings for the current financial year could reach pre-pandemic levels. The company's latest financial report showed a 27.7% increase in adjusted operating profit to £97.5 million, surpassing the raised forecasts. Greencore expects its adjusted operating profit to be in the top half of market expectations, ranging from £102.5 million to £107 million.

Greencore has signalled that its earnings for its current financial year to next September may reach their pre-pandemic peak, after posting results for its last financial period that topped its own raised forecasts.

Chief executive Dalton Philips has long targeted profit hitting its pre-Covid level of £105 million by 2026. “The group delivered excellent progress against its key financial metrics and strategic priorities in financial year 2024, underpinned by close customer engagement in a period that continued to be defined by cost inflation and muted consumer confidence,” said Mr Philips.

Shares in Greencore have soared 107 per cent so far in 2024 as it continues to recover from a series of hits over the past 4½ years, including the Covid-19 pandemic, supply-chain and labour issues, and inflation.

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