Greencore said its revenue for the 12 months to the end of September rose 13% on a pro-forma basis, while adjusted operating profit for the period is expected to be in the range of £74m to £76m (€85.5m to €87.9m).The announcement came in a trading update this morning ahead of its full-year results, which will be reported on 28 November.
Greencore said its revenue for the 12 months to the end of September rose 13% on a pro-forma basis, while adjusted operating profit for the period is expected to be in the range of £74m to £76m (€85.5m to €87.9m).
The announcement came in a trading update this morning ahead of its full-year results, which will be reported on 28 November.
The adjusted operating profit forecast is only a small improvement from the full-year 2022 result, which came in at £72.2m.
With turnover rising 13%, it is clear that Greencore remained under pressure for margins as inflation stayed high in the key UK market. However, the profit is ahead of market expectations.
That good news, plus the announcement of the restarting of the company's £50m share buyback, with £15m of share to be purchased by the end of March next year, has been welcomed by investors. Shares in Greencore rose more than 15% in early trading on Tuesday morning.
Greencore chief executive Dalton Philips said: "While macro-economic uncertainty remains, we are pleased with the expected FY23 outcome and are committed to driving an improved financial performance in the period ahead."
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