Greencore - the Dublin-headquartered UK sandwich maker - announced results on Tuesday morning that showed revenue increased to just over £1.9bn (€2.2bn), while operating profit for the year ended in September hit £66m, an increase of almost £14m from 2022.
Net debt at the group dropped by £26m to £154m during the year.
The statement said that Greencore has entered into an agreement for a new five-year £350m sustainability-linked revolving credit facility, which would provide “significant financial flexibility for future growth”.
Commenting on the results, CEO Dalton Philips said: “The group delivered above-market volume growth, despite exiting a number of low-margin contracts.
"We also successfully mitigated and recovered the majority of our input cost inflation through effective operational and commercial initiatives.
“We are pleased with the start to the year and although it’s early days, the group remains confident in delivering full-year 2024 within the range of current market expectations.”
Currently, those market expectations are looking for an operating profit of €82m on a slightly increased turnover from this year’s numbers, which would imply further margin expansion is expected.
Investor reaction to the results has not been positive so far, with the company’s shares dropping more than 5% after the open in London.