Leading UK sandwich-maker, Greencore, has announced an increase in its year-end profit forecast to between £36m (€42.1m) and £40m (€46.8m) compared with previous guidance of £32.5m (€38m).
This is based on what the company describes as strong revenue momentum in the third quarter of its financial year to 25 June, with a 53% increase on previous year levels and within 2.8% of the same period in 2019.
In the food-to-go category, income is up 91% on the same period in 2020, though 3% below the 2019 level.
ADVERTISEMENT
The company acknowledges the supply chain and labour difficulties affecting the UK food industry. Despite this, Greencore is confident that it will deliver strong year-on-year profit and cashflow progression in the second half of 2021. As well as an increased profitability forecast for the year-end, Greencore also forecasts net debt to be below £240m (€281m) .
Markets reacted favourably to the update with Greencore shares at £129.27 (€152.10) on Wednesday compared with £119.00 (€139.83) a week ago.
Register for free to read this story and our free stories.
This content is available to digital subscribers and loyalty code users only. Sign in to your account, use the code or subscribe to get unlimited access.
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
CODE ACCEPTED
You have full access to the site until next Wednesday at 9pm.
CODE NOT VALID
Please try again or contact support.
Leading UK sandwich-maker, Greencore, has announced an increase in its year-end profit forecast to between £36m (€42.1m) and £40m (€46.8m) compared with previous guidance of £32.5m (€38m).
This is based on what the company describes as strong revenue momentum in the third quarter of its financial year to 25 June, with a 53% increase on previous year levels and within 2.8% of the same period in 2019.
In the food-to-go category, income is up 91% on the same period in 2020, though 3% below the 2019 level.
The company acknowledges the supply chain and labour difficulties affecting the UK food industry. Despite this, Greencore is confident that it will deliver strong year-on-year profit and cashflow progression in the second half of 2021. As well as an increased profitability forecast for the year-end, Greencore also forecasts net debt to be below £240m (€281m) .
Markets reacted favourably to the update with Greencore shares at £129.27 (€152.10) on Wednesday compared with £119.00 (€139.83) a week ago.
If you would like to speak to a member of our team, please call us on 01-4199525.
Link sent to your email address
We have sent an email to your address. Please click on the link in this email to reset your password. If you can't find it in your inbox, please check your spam folder. If you can't find the email, please call us on 01-4199525.
ENTER YOUR LOYALTY CODE:
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
SHARING OPTIONS