Greencore has reported a 4.8% revenue increase, driven by a return to growth in food to go categories and solid growth in other convenience categories, its full year financial results show.
Commenting on the results for the period ended 24 September 2021, Patrick Coveney, chief executive officer, said that Greencore has weathered the storm and emerged strongly from a difficult period.
"Following a challenging first half in FY21, we made good progress in rebuilding revenues, cashflows and profitability in H2 and are confident of maintaining this positive trajectory in the year ahead, particularly in the seasonally important second half," he said.
Food To Go Market
Coveney noted that the strong recovery of the UK food to go market, as well as solid performance in other convenience food categories, underpins this confidence.
"New business wins achieved last year are contributing to our momentum, and we anticipate delivery of profits for the year ahead in line with current market expectations," he said.
The convenience food firm highlighted that trading in early FY22 has been encouraging with continued positive revenue momentum across the business.
'As mobility increases towards pre-pandemic levels, there is strong demand in food to go and other convenience categories,' it said.
The group said that it is committed to recovering against ongoing input cost and other inflation with customers and is progressing well in this regard. The pace of profit conversion continues to be impacted by supply chain and labour challenges that are affecting the industry overall
"With strong free cashflow and a significant reduction in leverage achieved in FY21, the Group enters the new financial year on a robust financial footing," Coveney added.
Greencore has a strong position in the dynamic UK convenience food market and, with demand remaining strong in the early stages of FY22, has confidence in its medium-term prospects,” he concluded.