Greencore, the UK’s largest sandwich manufacturer, reported a significant surge in profits for the year ending 27 September 2024, despite a decline in overall sales.
The company’s adjusted operating profit increased by an impressive 27.8% from the previous year, reaching £97.5 million, compared to £76.3 million in 2023. This performance was characterised by volume growth that exceeded the broader market trends, despite a 5.6% drop in group sales to £1.8 billion, down from £1.9 billion in the prior year.
Chief Executive Dalton Philips remarked on the group’s achievements, highlighting the notable progress made against key financial metrics and strategic ambitions. The success was attributed to close customer engagement during a period marked by cost inflation and tepid consumer confidence.
Over the past 12 months, Greencore has maintained its focus on producing high-quality food, improving profitability, and positioning itself as the leading convenience food manufacturer in the UK. Philips expressed confidence in the company’s strategic objectives, stating they are well placed to maintain this positive momentum into the next financial year and beyond.
Looking ahead, Greencore anticipates its adjusted operating profit for 2025 will fall within the upper half of current market expectations. This optimism follows a revision of profit forecasts earlier in the year, driven by unexpectedly strong sales in the fourth quarter of 2024.
In summary, Greencore’s robust profit growth amidst falling sales demonstrates its resilience and strategic focus in the convenience food industry. With continued efforts in customer engagement and quality production, the company is poised for sustained success in the coming years.
