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May 24 2022, 10:15 IST/BST
Greencore Group
Solid H1 print; FY22 guidance reiterated
- Sectors : Foods
- Companies : Greencore Group
DAVY VIEW
Greencore’s H1 print highlights an acceleration in top-line momentum through the period, with like-for-like revenue growth across the key food-to-go (FtG) category of +8% (Q1 +6%, Q2 +10%) versus pre-COVID levels. Operating profit rebounded strongly, lapping a period of heightened mobility restrictions (nil profit comparative). Cost recovery remains the primary focus, with the inflation environment still ‘volatile’. Notwithstanding near-term headwinds, full-year guidance has been reiterated – hen’s teeth in the current environment. As such, we leave our full-year profit forecasts unchanged.
