DAVY VIEW

H1-23 reported revenue growth was supported primarily by continued pricing recovery (+14.5%) and volume resilience (+c.2.8%). The company is set to return a further £10m to shareholders through an additional share buyback programme. Greencore also reported that from June 15th, Johnathan Salesbury will assume the role of interim CFO following the announcement of Emma Hynes’ departure in Q2. The full year outlook is expected to be in line with current market expectations, with FY23 profit delivery supported by enhanced operating leverage, greater inflation recovery and fixed cost benefits associated with the Better Greencore programme. We envisage minimal changes to our current forecasts.