Convenience food manufacturer Greencore has reported a 4% increase in group pro-forma revenue for its fourth fiscal quarter.
The company said its full year group pro-forma revenue increased by 13%.
In a trading update for the fourth quarter and the full year to the end of September, Greencore said it expects that adjusted operating profit will be ahead of current market expectations and in a range of
about £74m-£76m.
Greencore is the biggest pre-packed sandwich maker in the UK.
It said that pro-forma revenues at its Food to Go division rose by 3% on a quarterly basis and by 10% on an annual basis.
Pro forma revenues at its Other Convenience Categories increased by 6% on a quarterly basis while it jumped by 22% on an annual basis.
Dalton Philips, Greencore's chief executive, said the company has delivered a strong second half performance in what was a difficult seasonal comparative period and against the backdrop of inflation and a challenging consumer environment.
"We continue to drive operational improvements across the business underpinned by our commitment to quality and customer service," the CEO said.
"While macro-economic uncertainty remains, we are pleased with the expected FY23 outcome and are committed to driving an improved financial performance in the period ahead," he added.
Greencore also said today it intends to restart its share buyback programme as part of a £50m return of capital to shareholders as announced in May 2022.
Greencore has so far returned £35m of the intended £50m return of capital.
The company said the buyback will start today and will end no later than 30 March 2024 - subject to market conditions.
"With our strong balance sheet and continued optimism around our business prospects, we retain the ongoing flexibility to return value in the form of buyback, dividends or both and will continue to assess our capital returns policy at the time of year end results," CEO Dalton Philip said.
