Greencore Group PLC

Latest Results (21.01.2026):

Greencore Group PLC — Half year (H1) 2025 results (26 weeks to 28 March 2025): the Group reported continued momentum with revenue up 6.5% to £922.0m and strong profit and cash improvement across the business, prompting an upgrade to FY25 adjusted operating profit guidance. Results were supported by new business wins, disciplined cost management and improved returns, while the Group also announced terms of a recommended acquisition of Bakkavor Group plc.

Revenue and margins

Revenue rose 6.5% year‑on‑year to £922.0m. Gross margin improved slightly to 32.7% (up 20bps) and adjusted operating margin widened to 4.9% (up 160bps).

Profitability

Adjusted Operating Profit increased 59.7% to £45.2m and Adjusted EBITDA was £73.1m (up 30.8%). Profit before tax was £26.7m (vs £14.7m prior year). Adjusted EPS was 6.1p (up 117.9%); basic EPS 4.5p (up 80%).

Cash, leverage and returns

Free cash flow turned positive at £37.8m (vs a £26.5m outflow prior year) with free cash flow conversion of 78.6%. Net debt excluding lease liabilities improved to £136.2m and adjusted net debt / adjusted EBITDA fell to 0.8x. ROIC rose to 13.1% (up 290bps).

Guidance and corporate actions

Greencore upgraded FY25 adjusted operating profit guidance to £114–117m (previously £112–115m). The Group also announced it has agreed terms for a recommended acquisition of Bakkavor Group plc.

Operational performance

Overall volume growth was 2.5% (underlying +0.5%), on‑time and in‑full service 99.1%, and 270 new products launched in H1. New business wins contributed c.2.9pp of revenue growth and further onboarding is expected in H2.

Costs, exceptional items and pensions

Transformation-related exceptional costs of £5.6m pre-tax (£4.7m after tax) were recorded. The UK pension scheme remains on track to be fully funded by end‑September 2025, which is expected to reduce annual contributions by £9.8m when achieved.

Capital returns and shareholder payments

A final dividend of 2.00p per share was paid (no interim dividend). The Group completed a share buyback (8.18m shares cancelled) at a cash cost of £15.6m during the period.

Exposure and outlook

Management notes a more normalised inflation environment (with continued wage pressures from UK national living wage increases from April 2025) and remains cautious on the market, but expects H2 seasonality to support delivery above prior guidance for FY25 given current momentum.