Greencore Reports Strong Q4 and Full-Year Performance, Acquires Bakkavor Group
Greencore, a leading UK food-to-go supplier, has reported a robust fourth quarter and full-year performance. Shares rose six per cent following the trading update, which showed strong volume growth and improved profit conversion. The company also announced a significant acquisition and responded to a cybersecurity attack on a major client.
Greencore launched 130 new products in the quarter, including premium cooking sauces and elevated mac and cheese. This, coupled with strong volume growth and effective cost management initiatives, led to a profit conversion that exceeded expectations. Underlying volumes grew one per cent, while manufactured volumes were up approximately three per cent.
The company's CEO, Dalton Philips, oversaw these impressive results. Following the trading update in October 2025, Greencore raised its annual profit forecast. The full-year revenue was around £1.95bn, with adjusted operating profit guidance upgraded to £125m.
Greencore is also expanding through acquisition. The company is acquiring Bakkavor Group, a move that promises to create one of the UK's largest food-to-go suppliers. However, the Competition and Markets Authority is currently reviewing this acquisition.
In response to a cybersecurity attack on Marks & Spencer, one of its major clients, Greencore ramped up deliveries and put extra shifts in its Northampton factory. Greencore supplies a wide range of products to M&S, including sandwiches, rolls, wraps, and notably, the viral Japanese sando-inspired strawberry and cream sandwich.
Greencore's net debt is expected to fall to £70m, with net debt to EBITDA well below the company's medium-term target range.
Greencore's strong fourth quarter and full-year performance, driven by volume growth and effective cost management, has led to a robust trading update. The company's acquisition of Bakkavor Group, pending regulatory approval, promises to further strengthen its position in the UK food-to-go market. Despite facing a cybersecurity attack on a major client, Greencore has demonstrated resilience and commitment to its customers.
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