(Corrects first paragraph to say the group is Irish, not British; removes reference to UK in headline) (Reuters) -Irish convenience food producer Greencore raised its annual profit forecast on
Greencore Increases Profit Outlook Amid Rising Food-to-Go Demand
(Corrects first paragraph to say the group is Irish, not British; removes reference to UK in headline)
(Reuters) -Irish convenience food producer Greencore raised its annual profit forecast on Wednesday for the second time in less than three months, boosted by strong demand for sandwiches and sushi and tight cost-control measures.
Greencore aims to expand its business through a planned 1.2-billion-pound ($1.61 billion) acquisition of UK peer Bakkavor, in addition to more food-to-go product launches and contracts with supermarkets.
The deal, announced in May, is expected to close next year subject to regulatory approval. Britain's competition watchdog is likely to disclose the outcome of its phase 1 investigation into the deal later this month.
Greencore, which supplies convenience food to all major supermarkets in Britain, now expects an adjusted operating profit of about 125 million pounds ($167.40 million), up from its previous forecast of between 118 million pounds and 121 million pounds.
The revised figure surpassed market expectations of between 119.5 million pounds and 121.8 million pounds, according to a company-compiled consensus.
Revenue for the year is expected to come in at 1.95 billion pounds, up nearly 8% from 2024.
($1 = 0.7467 pounds)
(Reporting by Yadarisa Shabong in Bengaluru; Editing by Sherry Jacob-Phillips)
