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Greencore Reports 'Strong improvement' In Q3

Published on Jul 27 2021 8:50 AM in A-Brands tagged: Greencore / UK economy

Greencore Reports 'Strong improvement' In Q3

Greencore has reported a 53.1% group pro forma revenue increase, compared to the same period last year, its latest financial results showed.

In a trading update covering the three months to the end of June 2021, the convenience foods producer showed 'progressive improvement' in monthly trading with group pro forma revenue in June 1% above comparative pre-COVID levels in its 2019 full year results.

“We are encouraged by the improvement in revenue, profitability and cash flow momentum in Q3 and the early weeks of Q4," said Patrick Coveney, chief executive officer.

"Against the backdrop of the UK economy reopening fully, we are rebuilding our economic model effectively and sustainably with all stakeholders, supported by our long-standing customer relationships and further enhanced by the new business wins we have secured this year," he added.

Outlook 

The Group said that it now expects to generate a full year Adjusted Operating Profit outturn of between £36 million and £40 million in 2021, versus previous guidance of above full year 2020 levels of £32.5 million.

Sustainability Objectives

Greencore added that it is making 'good progress' on its sustainability objectives, including the launch of 'fully recyclable sandwich skillet trials', which are set to be introduced in September.

"We are also delighted to have made progress in creating a fully recyclable sandwich skillet, a key commitment of our sustainability strategy," Coveney said.

"We have a strong position in the dynamic UK convenience food market and are confident about our medium-term prospects,” he added.

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