Greencore Group plc, a leading manufacturer of convenience foods in the UK, released a positive trading update for the fourth quarter and full fiscal year ended September 27, 2024. The company expects to report revenue of approximately £1.8 billion for the full year, with like-for-like (LFL) revenue growth of 3.4%. Q4 LFL volume performance was strong, with most categories experiencing growth. Adjusted Operating Profit is anticipated to be <mark style="background-color:yellow">ahead</mark> of market expectations, in the range of £95-£97 million, due to improved profit conversion, commercial initiatives, and operational efficiency enhancements.
The Groups technology transformation program incurred costs of £2.5 million in H2 FY24, treated as an exceptional item. Greencore continues to strengthen its balance sheet, with expected Net Debt of approximately £148 million and Net Debt to EBITDA at the lower end of its target range. The company extended its share buyback program and plans to declare a dividend for FY24. A Capital Markets Day for analysts and investors is scheduled for February 5, 2025, with FY24 results to be reported on December 3, 2024.