Greencore Group plc has reported a 10% increase in group reported revenue to £1.9 billion (€2.07 billion) for the 2023 financial year (FY23).
The convenience food manufacturer, which is headquartered in Dublin, has today (Tuesday, November 28) published its full year results statement for the financial year ended September 29.
Group operating profit in FY23 increased 26.7% to £66 million, while adjusted operating profit increased by 5.7% to £76.3 million.
The financial results show that group profit before tax was £45.2 million in FY23, compared to £39.8 million in FY22.
Greencore
The company said that inflation was largely recovered or mitigated through a number of mechanisms such as “pass-through of cost increases, cost reductions, product and range reformulations and alternative sourcing”.
During the 2023 financial year, Greencore launched around 400 new or reformulated products, including a Christmas range of sandwiches, cook sauces and own label brand vegan and health category products.
Revenue in the group’s “food to go” categories, comprising sandwiches, salads, sushi and chilled snacking, totalled £1.25 billion and accounted for approximately 65% of reported revenue
Commenting on the results, Dalton Philips, Greencore chief executive said: “In a challenging market environment, we have stabilised the business, and made good strategic progress.
“The group delivered above-market volume growth, despite exiting a number of low margin contracts.
“We also successfully mitigated and recovered the majority of our input cost inflation through effective operational and commercial initiatives.
“We are encouraged by our FY23 performance and the progress across the business.
“That performance is testament to the strength of our relationships with our customers and suppliers and, in particular, to the hard work and dedication of the entire Greencore team,” he said.
Philips said that Greencore continues “to focus on improving profitability and is investing in a number of initiatives focused on both optimising its network and our IT infrastructure.
“Our stronger balance sheet provides the financial flexibility to underpin this growth.
“We are pleased with the start to the year and although it’s early days, the Group remains confident in delivering FY24 within the range of current market expectations,” he said.
