Greencore has reported strong revenue growth in its first half, according to its latest financial results.
The convenience food firm noted that it expects that its full year results are in line with expectations.
Group revenue increased by 20.1% from its first half in 2022 to £925.8 million in its first half this year.
The groups food to go revenue increased by 15.6% and other convenience categories’ revenue increased by 28.5%.
Greencore attributed the increases to the recovery of cost inflation, new business wins and also underlying volume growth.
Ongoing Resilience
Commenting on the results, Dalton Philips, chief executive officer, said, “We are pleased to have delivered strong revenue growth in the seasonally quieter first half of the year, and it is a clear demonstration of Greencore's ongoing resilience in what is a difficult consumer spending environment.
"While much of the top line momentum has been driven by recovery of inflation, it is encouraging to have achieved good manufactured volume growth, which speaks to the enduring structural demand for the categories in which we operate."
Looking Ahead
Philips noted that Greencore is confident that it will continue to build on the momentum in the business in both revenues and efficiencies as it enters its peak seasonal trading period, and he expects that the company will deliver a full year outturn in line with current market expectations.
"We remain confident in the long-term potential for the business and our immediate priority is to rebuild profitability and returns in order to create a platform on which to build for future growth," he added.
"Critical to this rebuild strategy will be a combination of rigorous management of our customer, product and asset portfolio, and a reset approach to operational excellence, supported by continuing our unwavering approach to inflation recovery and cost management.”
Read More: Greencore Forecasts Bleaker Annual Outturn
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