Greencore expects strong 2024 as costs stabilise

Company will seek to drive profitability through 'commercial discipline' and are investing in 'several initiatives to develop a robust platform for future growth'

Greencore is headed by the former chief executive of Dublin and Cork Airport operator Daa Dalton Philips.

Sandwich and snack-maker Greencore expects to deliver a positive financial year in line with “current market expectations” as inflationary pressures ease and costs remain stable.

This comes following the company posting a “strong start” to its latest financial year.

Greencore is headed by the former chief executive of Dublin and Cork Airport operator Daa Dalton Philips who succeeded Patrick Coveney - brother of Enterprise Minister Simon Coveney - in the role.

Mr Philips said that he is “encouraged” by the company's positive start to the year. 

Greencore said that inflationary pressures on raw materials as well as energy are easing “providing a more stable cost outlook” for the rest of the year.

The company did note that wage inflation will persist but this will be managed through “ongoing recovery and mitigating action”.

Mr Philips said Greencore will seek to drive profitability through “commercial discipline” and are investing in “several initiatives to develop a robust platform for future growth”.

In the three months to the end of December, like-for-life revenue at the company increased by 5.8% to £441.3m (€516m) compared to the same period the year prior.

Like-for-like revenue in its food-to-go category increased by 5.8% to £293.7m (€343.4m).