Greencore, who announced former DAA boss Dalton Philips as its CEO last month, saw revenues and profits have risen year-on-year. Greencore is our Company of the Month for October 2022, in association with KPMG.
Irish food group Greencore experienced and increase in sales and profits with “progressive” year-on-year improvement. This follows a period of volume growth and inflation recovery for the firm. This reflected a 25% increase in revenue for the firm along with new opportunities in ready meals.
The food manufactures rose from last year’s figure of £1.3billion to £1.7billion this year. Greencore also reported that food-to-go revenues increased by a quarter across the year. They also enjoyed a 19% rise in revenue for other convenience food categories.
The firm enjoyed a bump in sales of Irish ingredients trading and a “low-teen percentage increase in underlying pricing”. Greencore’s adjusted operating profit has been projected to be between £72m and £77m. The company cited the unscheduled UK bank holiday due to the death of Queen Elizabeth II and the railway strikes as reasons for the results.
This is approximately double the firm’s adjusted operating profit from last year which totalled £39million at a “challenging” time for the business. Greencore recently repurchased ordinary shares at the company valued at €10 million following the conclusion of a share buyback programme which began in July.
The Irish firm said that it remains cautious of the pending effect of the rise in the cost of living although it hasn’t yet seen the consequences of this with regards to consumer sentiment and demand.
The company, which recently appointed former DAA boss Dalton Philips as CEO, said:
“We remain focused on the recovery of inflation through all mechanisms available and are working with our customers and supply partners to mitigate the ongoing impact of the persistently high inflation across the industry on consumer prices”.
Read more about outstanding Irish companies operating in 2022:
COTM September: Cairn Homes Plc
Business & Finance, Company of the Month
