London, October 5, 2023 – Greencore, the leading convenience-food manufacturer, announced today that its operating profit for fiscal year 2023 is anticipated to surpass market expectations. As a result, the company’s shares experienced a significant increase.
At 0729 GMT, Greencore’s shares rose by 14%, equivalent to 9.3 pence, reaching a value of 78.05 pence.
The company revealed that its adjusted operating profit for the twelve months ended September 29 is projected to range between approximately £74 million and £76 million. This preferred metric, which excludes exceptional and other one-off items, exceeds the market consensus provided by Greencore, which stood at £70.1 million.
Additionally, Greencore reported a remarkable 10% year-on-year revenue growth for fiscal year 2023, along with a 2% growth during the fourth quarter compared to the same period in the previous fiscal year.
Despite facing challenges such as inflation and an uncertain consumer environment, Chief Executive Dalton Philips expressed his satisfaction with the strong performance achieved in the second half of the year. Philips also emphasized Greencore’s commitment to driving further financial improvement in the coming period.
In an effort to provide additional value to its shareholders, Greencore announced a new share buyback program. This program, with a total value of up to £15 million, will commence immediately as part of the company’s plan to return £50 million of capital to its shareholders.