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Greencore Group plc, a leading manufacturer of convenience foods in the UK, released its interim financial report for the half year ended March 28, 2025. The report highlights the companys strong financial performance with a revenue growth of 6.5%, driven by net new business wins, underlying volume and mix, and inflation recovery. The company also saw a significant increase in adjusted operating profit, free cash flow, and a strong balance sheet with reduced net debt. Greencores strategic and operational highlights include overall volume growth, excellent operational service levels, continued focus on product innovation, and progress in its "Making Business Easier" transformation program. The company has also upgraded its full-year guidance for adjusted operating profit. The report includes a detailed financial review, information on earnings per share, and notes on the companys financial statements.
| Financials | H1 25 | H1 24 | Change |
|---|---|---|---|
| Revenue | 922.0 | 866.1 | +6.5% |
| Gross Margin | 32.7% | 32.5% | +20bps |
| Adjusted EBITDA | 73.1 | 55.9 | +30.8% |
| Group Operating Profit | 38.1 | 25.3 | +50.6% |
| Adjusted Operating Profit | 45.2 | 28.3 | +59.7% |
| Adjusted Operating Margin | 4.9% | 3.3% | +160bps |
| Profit Before Taxation | 26.7 | 14.7 | +81.6% |
| Adjusted Profit Before Tax | 34.8 | 16.9 | +105.9% |
| Basic EPS (pence) | 4.5 | 2.5 | +80.0% |
| Adjusted EPS (pence) | 6.1 | 2.8 | +117.9% |
| Group Exceptional Items (after tax) | (4.7) | (1.3) | -£3.4m |
| Debt | H1 25 | H1 24 | Change |
|---|---|---|---|
| Free Cash Flow | 37.8 | (26.5) | +£64.3m |
| Free Cash Flow Conversion | 78.6% | 36.7% | N/A |
| Net Debt (excluding lease liabilities) | (136.2) | (198.0) | +£61.8m |
| Adjusted Net Debt: Adjusted EBITDA as per financing agreements | 0.8x | 1.4x | +0.6x |