By Ankita Bora (Reuters) -Irish convenience food producer Greencore said on Tuesday it was off to a good start in the new fiscal year after its full-year profit rose on robust demand for its
Greencore Sees Annual Profit Surge Driven by Strong Snacking Trends
By Ankita Bora
(Reuters) -Irish convenience food producer Greencore said on Tuesday it was off to a good start in the new fiscal year after its full-year profit rose on robust demand for its sandwiches, including the limited-edition strawberry and crème range.
Greencore, which supplies convenience food to all major supermarkets in Britain, has been rebuilding its business after the pandemic hit demand and aims to boost margins and sales including through acquisitions.
CEO Dalton Philips told Reuters that innovation remains a key volume driver for the company, with 20% more new products launched this year, including items such as the expanded sushi and poke bowl ranges and Japanese-inspired strawberry and crème sandwich sold at Marks & Spencer.
"We're seeing a change in consumption habits where...traditional three meals a day is declining as people are snacking more often," Philips said, noting that it was particularly evident with Gen Z and was benefiting the company, which is focussed on sandwiches and food-to-go products.
Greencore is expanding its business through its planned 1.2 billion pound ($1.58 billion) acquisition of rival Bakkavor and said on Tuesday it will sell its Bristol chilled soups and sauces site to Compleat Food Group after the competition regulator ordered the sale of Greencore's sauce business.
The Bakkavor deal is expected to close in early 2026.
Greencore posted a 28.9% rise in adjusted operating profit to 125.7 million pounds in the year ended September 26. Analysts were expecting profit of 125 million pounds, according to a company-compiled poll.
($1 = 0.7606 pounds)
($1 = 0.7604 pounds)
(Reporting by Ankita Bora in Bengaluru; Editing by Mrigank Dhaniwala)
