Greencore, the UK’s leading sandwich producer, has once more adjusted its profit forecast upwards, citing impressive sales figures in the fourth quarter of 2024.
- For the quarter ending 27 September, like-for-like sales increased by 3.7%, driving total annual growth to 3.4%.
- The company now anticipates annual profits to range between £95 million and £97 million, with total sales hitting £1.8 billion.
- This adjustment follows a prior forecast increase in July, when profits were expected between £88 million and £90 million.
- Greencore’s strategic focus remains on providing quality food and maintaining profitability amidst rising costs due to the National Living Wage.
Greencore, recognised as the UK’s foremost sandwich manufacturer, has made headlines by revising its full-year profit guidance upwards once again. This move comes as the company reports stronger-than-expected sales performances in the fourth quarter of the 2024 financial year. Like-for-like sales during the quarter grew by a notable 3.7%, culminating in a 3.4% growth for the entire year.
The financial outcome for Greencore has been adjusted from its previous estimate provided in July 2024. Initially, the company had raised its profit expectations to a range of £88 million to £90 million. Following the robust sales results, Greencore now foresees its profits reaching between £95 million and £97 million, with projected total sales achieving a substantial £1.8 billion.
Greencore supplies its well-known ready-to-eat sandwiches to major retailers throughout the UK, including Sainsbury’s, Marks & Spencer, and Co-op. The company’s leadership, under CEO Dalton Philips, attributes this financial success to the team’s outstanding performance. Philips remarked, “The Greencore team delivered an outstanding performance with our FY24 results now expected to exceed current market expectations.”
The strategic focus going forward for Greencore emphasises the commitment to delivering high-quality, fresh, and healthy food options while also positioning itself as a leading convenience foods manufacturer in the UK. However, challenges remain, particularly with rising operational costs. In April, Greencore increased its prices to offset the additional £30 million burden expected from the National Living Wage increases.
Despite these challenges, the company remains forward-thinking, aiming to rebuild profitability while continuing to prioritise quality in its food offerings.
Greencore’s strategic advancements and focus on quality continue to drive its financial success despite economic challenges.
