Convenience food maker Greencore saw robust revenue growth in the latest quarter driven by a strong appetite for food to go.
The group’s reported revenue increased by 24.4 per cent year on year to £389m in the quarter that ended on 24 December despite a tough trading environment as a result of Omicron uncertainty. According to a trading update published today, pro forma revenue was up 7.5 per cent compared to pre-Covid levels as intake in the food to go category jumped by one third.
“I am encouraged by the progress that we have made during Q1 in what continued to be a challenging trading environment,” commented board chair Gary Kennedy.
“We remain focused on rebuilding our economic model effectively and sustainably with all stakeholders, thereby positioning the company for a strong future,” he added.
Greencore said ongoing uncertainty about the duration and impact of Covid-19 on the company’s trading environment makes it difficult to predict performance for the upcoming financial year. In today’s trading update Greencore said Covid-19 has taken a toll on “revenue momentum” in a seasonally quieter period of the year.
In order to support further growth Greencore invested £30m across three UK manufacturing sites, with revenue from the cash injection expected to pick up in the second half of the year.