Greencore lifts full-year profit outlook after strong Q2

(Sharecast News) - Irish convenience food manufacturer Greencore lifted its full-year profit outlook on Tuesday as it hailed a strong second quarter. The company, which makes sandwiches for supermarkets, among other things, said strong revenue and volume momentum continued into the second quarter, supported by continued growth with customers and new business won during FY24.

Profit conversion during the quarter was ahead of management's expectations "and underpinned by on-going operational and commercial excellence initiatives and a continued focus on cost control", it said.

As a result, it now expects FY25 adjusted operating profit to be between £112m and £115m, ahead of current market expectations.

Greencore is due to publish results for the half year on 27 May.

Last week, it was reported that Greencore had lifted its takeover bid for rival Bakkavor Group.

According to Bloomberg, which cited unnamed sources, Bakkavor was considering the enhanced proposal.

Two takeover bids from Greencore were rejected by Bakkavor last month, with the latest cash-and-stock offer valued at 189p a share valuing the target at £1.14bn.