In 2024, Greencore, the United Kingdom’s largest sandwich manufacturer, managed to significantly increase its profits despite a downturn in overall sales.
Greencore reported a substantial rise in adjusted operating profits, which increased by 27.8% to reach £97.5 million, up from £76.3 million in the previous year. This impressive financial performance was achieved despite a slight decline in group sales, which fell by 5.6% to £1.8 billion, compared to £1.9 billion in 2023. The company attributed its success to like-for-like volume growth that outpaced the broader market.
The chief executive of Greencore, Dalton Philips, highlighted the company’s achievements, noting that Greencore has made “excellent progress against its key financial metrics and strategic priorities in FY24.” This progress was supported by close customer engagement during a year dominated by cost inflation and subdued consumer confidence. “Over the past 12 months, we have remained focused on producing high-quality food, rebuilding our profitability, and positioning Greencore as the UK’s leading convenience foods manufacturer,” he stated.
Greencore looks ahead to 2025 with optimism, projecting its adjusted operating profits will fall within the upper half of current market expectations. This positive outlook follows the company’s earlier adjustment of its full-year profit guidance due to stronger-than-expected sales in the fourth quarter of 2024.
Greencore has demonstrated resilience in an economically challenging year, achieving notable profit growth and setting the stage for continued success in the coming year.
