Irish food firm Greencore reported a revenue increase of 35 per cent to £486.2m in the third quarter, as it enjoys continued growth in both food to go and other convenience categories.
Revenue was 33 per cent above equivalent pre-COVID levels, driven by a combination of increased volumes, a low-teen percentage increase in underlying pricing, and increased revenue in the Group’s Irish ingredients trading business.
Food to go categories and other convenience food items weathered the supply chain storm, up 41 per cent and 23 per cent respectively based on 2021 comparisons.
Commenting on the performance, Gary Kennedy, Executive Chair, said: “I am encouraged by the progress we have made during Q3 against the backdrop of inflationary pressures for the industry.
Revenue and profit conversion through the period has been encouraging and we are confident in our ability to continue to manage the various industry challenges and end the year strongly.
Our leading market positions, close customer relationships and intense focus on efficiencies mean that we look to the future with optimism, and we expect to deliver a strong year on year improvement in profitability, cash flow and returns for FY22.”
The food giant expects to generate full year adjusted operating profit outturn of between £72m and £77m and adjusted EPS of between 9.2p and 10.0p.