Convenience food giant Greencore has said that it expects its full-year 2024 results, due to be published in December, to 'exceed current market expectations'.
The company made the assessment as it published a trading update for the fourth quarter and full year to 27 September, in which it noted that like-for-like revenue growth in Q4 of 3.7%, year-on-year.
Full-year like-for-like revenue growth was up 3.4%, with the business expecting full-year revenue to come in at around £1.8 billion (€2.14 billion).
Profit conversion for the fourth quarter was also ahead of expectations, with adjusted operating profit for the year now expected to be ahead of expectations.
'Outstanding Performance'
"The Greencore team delivered an outstanding performance with our FY24 results now expected to exceed current market expectations," commented Dalton Philips, chief executive. "Providing high-quality, fresh and healthy food to our customers every day is at the heart of what we do. To all our colleagues who work tirelessly to make this happen I would like to say a huge thank you."
Philips added that as the group enters its new financial year, it remains focused on "making really great food, rebuilding our profitability, and positioning Greencore to be the UK's leading convenience foods manufacturer."
Greencore intends to hold a Capital Markets Day for institutional investors in London on 5 February.
Analyst Viewpoint
Commenting on Greencore's trading statement, analyst Clive Black of Shore Capital said, "Greencore has issued another very good trading update to the market for its Q4 and so FY24F.
"With 3.7% Q4 LFL sales growth (FY24F, 3.4%) and stronger than expected profit conversion, we upgrade our adjusted EBIT estimate by c.5%, we upgrade EPS by 6.4% to 11.6p. Also welcome is the improving solvency ratios, towards the low end of its 1.0-1.5x ND/EBITDA range"
