Greencore Group (GNC) Trading Update summary

Trading performance and outlook

• Q2 saw strong revenue and volume momentum, driven by customer growth and new business wins in FY24.

• Profit conversion in Q2 exceeded management expectations, supported by operational and commercial excellence and cost control.

• FY25 Adjusted Operating Profit is now forecasted to be ahead of market expectations, in the range of £112–£115m.

• The half-year results will be published on 27 May 2025.

Basis and assumptions for guidance

• Profit forecast is based on unaudited internal accounts for H1 2025 and forecasts for the remainder of FY25.

• Assumes no material changes to strategy, operations, management, or key relationships.

• Assumes stable macroeconomic, political, and regulatory environments, and no major adverse events.

• Forecast excludes any impact from a possible offer for Bakkavor Group plc.

Company background and operations

• Greencore is a leading UK convenience food manufacturer, supplying major supermarkets and various retail channels.

• In FY24, produced 748m sandwiches, 125m chilled ready meals, and 204m bottles of sauces.

• Operates 16 manufacturing sites and 17 distribution centres in the UK, with revenues of £1.8bn in FY24 and about 13,300 employees.