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Convenience food group Greencore said the company returned to revenue and profit growth as restrictions to deal with the ongoing coronavirus pandemic were unwound in the UK.
Revenue for its financial year ended September 24th 2021 rose 4.8 per cent to more than £1.3 billion (€1.5 billion) as food to go categories returned to growth. Pretax profit was £27.8 million, swinging from a loss of £10.8 million the previous year.
Irish-based and London-listed Greencore said its adjusted operating profit was £39 million, up from £32.5 million a year earlier. Adjusted earnings before interest, tax, depreciation and amortisation was up more than 8.5 per cent to £92.3 million.
Adjusted operating margin was 5.2 per cent in the second half of the year
Improved profitability boosted free cash flow of £72.2 million as Greencore’s volumes bounced back. Net debt was reduced to £183.1 million
At the end of the year, Greencore had cash and undrawn committed bank facilities of £433.6 million, with the group exiting its temporary covenant waiver period.
“Greencore has weathered the storm and emerged strongly from a difficult period. Following a challenging first half in FY21, we made good progress in rebuilding revenues, cashflows and profitability in H2 and are confident of maintaining this positive trajectory in the year ahead, particularly in the seasonally important second half,” chief executive Patrick Coveney said.
Looking ahead, Greencore said trading in the early part of its new financial year has been “encouraging”, with strong demand in food to go and other convenience categories as mobility among consumers has gradually returned. It noted ongoing challenges from rising costs, supply chain and labour challenges, but despite this the group expects to generate an outturn for the year in line with current market expectations, provided there are no further Covid-19 related restrictions of mobility or lockdowns in the UK. Profitability will be weighted towards the second half of the year.
However, it will be without Mr Coveney, who is set to leave his role as chief executive in March after 14 years at the helm, to head up airport caterer SSP.
“The strong recovery of the UK food to go market, as well as solid performance in other convenience food categories, underpins this confidence. New business wins achieved last year are contributing to our momentum, and we anticipate delivery of profits for the year ahead in line with current market expectation,” he said.
“With strong free cashflow and a significant reduction in leverage achieved in FY21, the Group enters the new financial year on a robust financial footing. Greencore has a strong position in the dynamic UK convenience food market and, with demand remaining strong in the early stages of FY22, has confidence in its medium-term prospects.”