Convenience food producer Greencore said profit was set to exceed prior expectations for the 2023 full year as revenue jumped 13%.
Greencore shares were 15% higher on Tuesday after the group said they saw adjusted operating profit in a range of approximately £74m-£76m.
The strong performance has provided Greencore with the opportunity to expand recent share buybacks with an additional £15m. Net debt is estimated to fall £25m to £155m by the end of the year.
“The Greencore team has delivered a strong second half performance in what was a difficult seasonal comparative period and against the backdrop of inflation and a challenging consumer environment,” said Dalton Philips, Chief Executive Officer, Greencore.
“We continue to drive operational improvements across the business underpinned by our commitment to quality and customer service. While macro-economic uncertainty remains, we are pleased with the expected FY23 outcome and are committed to driving an improved financial performance in the period ahead.”