Greencore Group (GNC) Q3 2024 TU earnings summary

Executive summary

• Achieved strong financial and operational performance in Q3 FY24, supported by 99.4% customer service levels.

• Profit conversion improved year-over-year due to commercial and operational initiatives.

• Completed soup site rationalisation and continued operational best practice deployment.

Financial highlights

• Q3 FY24 reported revenue decreased 6.1% to £465.2m, reflecting exit from low-margin contracts and a business disposal; LFL revenue up 1.4% year-over-year.

• Food to Go reported revenue down 1.5% to £330.2m, but LFL up 2.4%; Other Convenience reported revenue down 15.7% to £135.0m, LFL down 1.1%.

• Underlying free cash generation remained strong, supporting shareholder returns.

Outlook and guidance

• FY24 Adjusted Operating Profit now expected at £88-90m, upgraded from prior guidance of £86-88m and above market expectations.

• Q4 remains a seasonally important period; full-year results to be reported on 3 December 2024.