Consumers “starting to let go of the shackles of very austere period” – Greencore CEO Dalton Philips [Yahoo! Finance]
GREENCORE GROUP PLC S/ADR (GNCGY)
NASDAQ:AMEX Investor Relations:
greencore.com/investor-relations
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Source: Yahoo! Finance
Since becoming CEO of the UK-listed private-label supplier in 2022, Philips has introduced a three-pronged strategy dubbed ‘Horizon' to restore operating profit and margins, while walking away from low-margin contracts. Headway was evident in the “stabilise, rebuild and grow” objectives in Greencore's first-half results to 29 March, with like-for-like revenue up 4.1% and other metrics also showing gains. Most notable was the 5% increase in the adjusted operating profit outlook to £86-88m ($109-112m), a 200 basis-point margin progression and a drop in debt leverage to 1.4 times from as high as 2.1 times in the opening half of 2022. It was not all plain sailing, as like-for-like volume growth was a meagre 0.5%, with pricing up 2.9% and inflation pressures from wages. Greencore also plans to close a UK soup factory at Kiveton , where the company operates two other sites for ready meals and quiche. Just Food's Simon Harvey chats with Philips to discuss the results and expectation
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