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Highlights
- Revenue increased 7.7% to £1,947.0m, driven by new business wins, volume growth, and pricing adjustments.
- Adjusted operating profit rose 28.9% to £125.7m, with adjusted EPS up 46.5% to 18.6p.
- Free cash flow improved to £120.5m, net debt reduced to £70.1m, and operational service levels maintained at 99%.
Greencore Group plc (LSE:GNC), a leading UK manufacturer of convenience foods listed on the FTSE 250, has announced its financial results for the 52-week period ending 26 September 2025. The company reported growth across revenue, profits, and cash flow while continuing strategic initiatives, including the anticipated acquisition of Bakkavor Group plc in early 2026, pending regulatory approval.
Revenue and Profit Growth
Greencore recorded group revenue of £1,947.0m for FY25, up 7.7% from £1,807.1m the previous year. The increase was driven by new business wins, underlying volume growth, and pricing adjustments. Adjusted operating profit rose by 28.9% to £125.7m, supported by operational efficiencies and volume momentum. Adjusted operating margin improved by 110 basis points to 6.5%.
Improved Earnings and Shareholder Returns
Basic earnings per share (EPS) increased to 13.2p, a 30.7% rise from 10.1p in FY24. Adjusted EPS grew 46.5% to 18.6p. The board has proposed a total dividend of 2.6p per share, up from 2.0p, reflecting continued cash generation and profitability. Free cash flow rose to £120.5m, up £50.4m from FY24, while free cash flow conversion improved to 66.5%. Net debt fell sharply to £70.1m, equivalent to 0.4x adjusted EBITDA.
Operational Performance and Innovation
Greencore’s operational metrics also showed progress, with overall manufactured volume growth of 2.5%, exceeding the wider grocery market growth of 0.7%. Operational service levels remained at 99%, and the company launched 534 new products in FY25. Investment in automation and productivity initiatives delivered a 4% improvement in efficiency, while capital expenditure rose 34% to £43.4m.
Strategic Outlook and Acquisition Update
Trading in early FY26 has started positively. The recommended acquisition of Bakkavor Group plc is progressing, with the CMA’s Phase 1 review completed. A sale of Greencore’s Bristol chilled soups and sauces site to Compleat Food Group has been agreed as a remedy for CMA concerns. Completion of the acquisition is expected in early 2026, subject to final regulatory approval.
Greencore’s FY25 results demonstrate growth across revenue, profits, cash flow, and operational efficiency. With ongoing strategic investments, continued product innovation, and the anticipated Bakkavor acquisition, the company is positioned for continued expansion in the UK convenience food market.
