Greencore makes 'positive start' to FY25, Q1 revenues up
By Iain Gilbert
Date: Thursday 30 Jan 2025
(Sharecast News) - Convenience food business Greencore said on Thursday that Q1 revenues were up after it made a "positive start to FY25 trading".
Greencore said Q1 reported revenue had increased by 7.5% to £474.3m, driven by an increase in volumes and mix of 4.0%, and the positive impact of inflation recovery and price of 3.5%. On a like-for-like basis, revenues grew 4.9%. Food-to-go revenues were up 7.2% at £314.7m and other convenience revenues were 8.1% higher at £159.6m.
Total Q1 volumes increased 2.6% due to underlying volume growth, supplemented by new business won during FY24 and despite customers remaining under "significant cost pressure" from government-driven policy changes and a "changing competitive landscape".
Greencore, which will hold a Capital Markets Event on 5 February, also noted that Q1 profit conversion continued to be "strong" and was in line with internal expectations, supported by effective operational and commercial initiatives.
As of 1000 GMT, Greencore shares were up 2.40% at 187.60p.
Reporting by Iain Gilbert at Sharecast.com
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