Greencore hails 'solid' Q3, on track for full year

25th Jul 2023 09:56

(Sharecast News) - Sandwich maker Greencore said on Tuesday that it was on track to deliver full-year results in line with current market expectations as it hailed a "solid" financial performance in the third quarter.

In the 13 weeks to the end of June, reported revenue rose 1.9% to £495.4m. On a pro forma basis, revenue was up 9.3%, driven by a combination of inflation recovery and underlying volume growth, supported by new customer wins.

Food-to-go sales rose 0.6% to £335.3m, while other convenience categories saw sales jump 4.7% to £160.1m.

Chief executive Dalton Philips said: "The food to go category remains hugely relevant to consumers as they contend with the cost-of living crisis, and it is particularly notable that 52% of supermarket sandwiches are now bought as part of a meal deal, up from 46% this time last year. We are delighted that our core category is playing such a key role in feeding the UK, and in a way that represents such good value.

"As we enter the fourth quarter, which is a seasonally important trading period for the business, we remain confident that the group will deliver a full year outturn in line with current market expectations."