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Greencore, Britvic release financial updates
Convenience food manufacturer Greencore posted a 4.7% decline in group revenue year-on-year, while revenue at drinks producer Britvic grew by 8.7% compared to the same period last year.
Decreased Q1 revenue at Greencore was driven by a 14.2% drop in its other convenience category, with the food to go category seeing a 0.9% rise in revenue. On a pro forma basis, which accounts for the sale of vegetable oils and fats distributor Trilby Trading Limited, revenue declined by just 0.4%.
Group revenue for the 13 weeks to 29 December 2023 was reported at £441.3m.
Meanwhile, Britvic saw revenue increases across Great Britain, Brazil and other international markets. Group revenue for the quarter came in at £443.5m, with volumes up 1.7% year-on-year.
December trading was particularly strong, with revenue up 17.9% and volume up 6.4% year-on-year. Britvic put this down to like-for-like growth and the impact of recent acquisitions.
Greencore and Britvic enjoy strong starts to the year
Despite the decline in revenue, Greencore chief executive Dalton Philips said he was “extremely encouraged” by the start to FY24.
“Our manufactured like for like volume growth of 0.5% in the quarter, continued to outperform the market in the key categories in which we operate,” Philips continued.
“While we remain mindful of the seasonally important second half of the year, we are confident that the group will deliver a full year outturn in line with current market expectations.”
Britvic chief executive Simon Litherland also took a positive tone in his comments, explaining that the group’s Q1 performance was in line with expectations.
He added: “We continue to offer consumers value as well as great taste, with our portfolio of family favourite soft drinks brands. We have exciting plans for the year ahead across our markets, with new innovations and engaging marketing activations, including Pepsi's first brand refresh in 14 years.
“More broadly, Britvic is a well-invested business, with a clear growth strategy. We remain confident of achieving growth this year within the range of market expectations, as well as continuing our track record of delivering superior returns longer term.”
In other news, The Gluten Free Kitchen has secured new investment as it seeks to capitalise on the growing market for free-from products.
