Greencore: announces H1-2024 trading update

Dublin / IE. (gg) Greencore Group PLC, a leading manufacturer of convenience food in the UK, issues its results for the half year ended 29 March (H1-2024). Summary Financial Performance:

(in million GBP)	H1-2024	H12023	Change
.
Revenue	866.1	925.8	-6.4%
Like-for-Like Revenue Growth			+4.1%
Adjusted Ebitda	55.9	39.9	+40.1%
Group Operating Profit	25.3	3.6	+602.8%
Adjusted Operating Profit	28.3	11.8	+139.8%
Adjusted Operating Margin	3.3%	1.3%	+200bps
Profit/(Loss) Before Taxation	14.7	(6.2)	+20.9m
Adjusted Profit Before Tax	16.9	3.4	+397.1%
.
Basic EPS (pence)	2.5	(0.9)	+3.4p
Adjusted EPS (pence)	2.8	0.5	+2.3p
Group Exceptional Items (after tax)	(1.3)	(4.8)	+72.9%
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Free Cash Flow	(26.5)	(24.3)	-9.1%
Net Debt (excluding lease liabilities)	(198.0)	(219.4)	+21.4m
Net Debt: Ebitda as per financing agreements	1.4x	1.9x	+0.5x
Return on Invested Capital (ROIC)	10.2%	7.5%	+270bps

Chief Executive’s Commentary

Chief Executive Officer Dalton Philips: «Greencore delivered excellent progress against its strategic priorities in the first half and continued to outperform the market in a difficult consumer spending environment. The Group’s accelerating financial performance is very encouraging as we focus on driving profitability and returns. We are working with our major retail customers to develop new products and new offerings which are driving the growth of our Food to Go segment ahead of the market. We have exited low margin business and are undertaking a range of actions to increase the returns profile of each element of the portfolio. We have many opportunities to continue to grow our business profitability and have commenced investing in our IT infrastructure to create a solid platform for growth and enable further efficiency gains across the Group. Notwithstanding this additional investment, and while our seasonally stronger second half is still ahead of us, we now expect FY24 adjusted operating profit in a range of £86-88m, ahead of current market expectations.»

For additional information please read the Company’s PDF file below (234 KB):

20240716-GREENCORE-H12024.