In a trading update for the year to the end of September 2022, Greencore has reported satisfactory year-on-year volume growth while recovering significant levels of ongoing inflation.
According to the convenience food firm’s latest financial results, the group’s pro-forma revenue has increased by 29%, year on year, with a 35% increase in food-to-go categories reflecting volume growth.
Greencore stated that its pro-forma revenue growth during the fourth quarter of 2022 reached 25%, year on year.
This was due to a combination of increased volumes, a low-teen percentage increase in underlying pricing, new business in ready meals, and increased revenue in its Irish ingredients trading business.
The first phase of the group’s share buy-back programme, which commenced on 26 July 2022, has now been completed.
Read More: Greencore Launches Share Buy-Back Programme
Outlook
The company noted that it will closely monitor the impact of the UK macroeconomic environment on consumer sentiment and demand in its categories.
Greencore highlighted that consumer demand ‘has held up well’, however, it will ‘remain watchful and cautious about the potential impact of cost-of-living factors through the year ahead’.
‘We have substantially recovered the inflation that we have experienced over the last 12 months, and we are making decisions whether to bid for or renew contracts based on their economics, including the ability to recover inflation,’ it added.
Looking ahead, the group will ‘remain focused on the execution of its “Better Greencore” sustainability efficiency programme’.
© 2022 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. For more A-brand news, click here. Click sign up to subscribe to Checkout.
