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Greencore Group PLC on Tuesday said it is anticipating adjusted operating profit to be higher than the current market consensus despite high inflation and a challenging consumer environment.
The Dublin-based convenience food manufacturer expects its adjusted operating profit in the year ended September 29 to be ahead of current market expectations of £70.1 million.
Greencore predicts its full-year adjusted operating profit will be in the range of £74 million to £76 million, thanks to a ‘strong’ second half despite what it described as a ‘difficult seasonal comparative period.’ This would be at least 2.5% higher than £72.2 million reported for financial 2022.
Chief Executive Officer Dalton Philips said: ‘The Greencore team has delivered a strong second half performance in what was a difficult seasonal comparative period and against the backdrop of inflation and a challenging consumer environment. We continue to drive operational improvements across the business underpinned by our commitment to quality and customer service. While macro-economic uncertainty remains, we are pleased with the expected [financial 2023] outcome and are committed to driving an improved financial performance in the period ahead.’
Greencore will release its full-year results on November 28.
Further, the company said it started its share buyback programme on Tuesday as part of a £50 million return of capital to shareholders announced in May 2022.
The buyback will run until March 30, 2024, at latest, with the maximum amount of shares bought back being 26.6 million.
Greencore shares rose 16% to 79.87 pence each on Tuesday morning in London.
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