Irish convenience food group Greencore posted a jump in full-year profit and revenue on Tuesday following a return to growth in the food to go categories.
In the year to 24 September, adjusted pre-tax profit rose 30.6% to £22.6m, while adjusted operating profit was up 20% at £39m, with a strong recovery in the second half. Group revenue increased 4.8% to £1.3bn, driven not just by a return to growth in food to go, but also solid growth in other convenience categories.
Greencore said the UK trading environment remained volatile during the year, with the food to go segment hit during the first half due to lockdowns and Covid restrictions. However, the trading environment improved “markedly” from the third quarter as the economy reopened and restrictions were eased, supporting demand growth in food to go categories in particular, the company said.
Chief executive Patrick Coveney said: “Greencore has weathered the storm and emerged strongly from a difficult period. Following a challenging first half in FY21, we made good progress in rebuilding revenues, cashflows and profitability in H2 and are confident of maintaining this positive trajectory in the year ahead, particularly in the seasonally important second half.
“The strong recovery of the UK food to go market, as well as solid performance in other convenience food categories, underpins this confidence. New business wins achieved last year are contributing to our momentum, and we anticipate delivery of profits for the year ahead in line with current market expectations.”
