Greencore holds guidance despite Q1 revenue fall

Food supplier Greencore said it was in track to meet market expectations for the financial year, despite a fall in first-quarter sales.

Revenue in the 13 weeks to December fell 4.7% to £441.3 million.

“Inflationary pressures on raw materials and energy are now easing, providing a more stable cost outlook in FY24 compared to the prior year. Wage inflation will persist due to National Living Wage increases, which we will continue to manage through ongoing recovery and mitigating actions,” the company said on Thursday.

“Following the strong financial and operational start to the year, with improved profit conversion, the Group expects to generate an FY24 outturn in line with current market expectations.”

Reporting by Frank Prenesti for Sharecast.com