Convenience foods firm Greencore has reported a 31.3% increase in group revenue in its full year to 30 September, to £1.7 billion (€1.97 billion).
The group said that pro forma revenue growth in its food-to-go business was up 35.2% year-on-year, driven by increased pricing, underlying volume growth and a contribution from 'new wins'.
Elsewhere, pro forma revenue growth in its other convenience categories rose 19.2%, again driven by increased pricing as well as higher revenue in its Irish ingredients trading business.
Adjusted operating profit for the year nearly doubled, rising to £72.2 million (€83.8 million) for the full year, up from £39 million (€45.2 million) the previous year.
'Made Great Progress'
“Greencore has made great progress in recovering from a very challenging period with revenue, profits, leverage and returns all improving significantly in FY22," commented Dalton Philips, Greencore chief executive.
"Our leading market positions, close customer relationships, well invested facilities and intense focus on efficiencies give us confidence as we continue to navigate our way through the challenges of the current macroeconomic climate.”
'Substantial Inflation'
The group said that revenue performance in the first few weeks of the 2023 financial year has 'broadly held up', however it remains 'cautious' about the cost-of-living factors on consumer spending, as well as the broader recessionary environment.
It said that it expects 2023 to be a year of 'substantial inflation', and it will step up its efforts to streamline and optimise its operations through its recently-launched Better Greencore programme.
'The Board is confident that a continued focus on the strengths of the business, underpinned by our resilient balance sheet and the efficiency and productivity gains related to our Better Greencore programme will support the further successful progress of the Group in the years ahead,' it noted.
Read More: Greencore Sees Pro-Forma Revenue Up By 25% In Fourth Quarter
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