Greencore revises profit forecast upwards for the year
£88m To They Philips Financial Adjusted This Be Year Between Greencore Executive Are Of Said Chief Dalton Now Operating Profit Forecasting For £90m And
Irish sandwich and snack-maker Greencore has upgraded its profit forecast for the rest of the year following a strong performance over the last three months.
The company's revenue from the period April to June increased by 1.4% on a like-for-like basis compared to last year.
Overall revenue stood at £465.2m (€553.7m) which is down 6.1% compared to last year but this is due to the disposal of its Trilby Trading business in September last year.
Chief executive of Greencore Dalton Philips said they are now forecasting adjusted operating profit to be between £88m and £90m for this financial year. This is head of the prior guidance of £86m to £88m.
He said the last three months of the company’s financial year, ending on September 27, “remains a seasonally important trading period” but their “continued strong profit conversion performance” means they are confident in increasing profits this year.
The company’s “Food to Go” category saw revenue increase by 2.4%, on a like-for-like basis, to £330.2m while its other convenience categories saw a decrease of 1.1% to £135m.
Greencore said it saw a broadly flat like-for-like volume performance in the sandwich category. The sushi category also experienced volume growth, but the salads category was more challenged.