Group revenue grew 7.7% reaching £1.9 billion in FY25, which has been driven by (net) new deals (2.9%), underlying growth volume and mix (2.8%), and inflation and pricing impacts (2%).
Greencore’s food to go categories totalled £1.3 billion, accounting for approximately 69% of group revenue. In particular, sandwiches and sushi performed strongly across the period.
The adjusted operating profit rose by 28.9% and adjusted operating margin increased 110bps to 6.5%, supported by volume momentum and cost management.
Overall manufactured volume grew by 2.5%, inclusive of new business wins, and underlying volume grew by 1.1% - ahead of wider grocery market growth of 0.7%.
Innovation continued to be an important contributor to growth, with 534 new products launched in FY25.
Investment into the core business has increased, with capital investment rising 34% on the previous year to £43.4 million.
Productivity and people
Greencore also saw productivity gains, with an improvement of +4% on the prior year, alongside continued investment into next generation automation. A total of £4 million of capital expenditure was injected into automation during FY25.
Meanwhile its annual attrition rate decrease from 24% in FY24 to 19% in FY25, which it owed to improvements made in recruitment and induction, a review of its site communications processes, and analyses on leavers to identify trends.
At the same time, the group also made progress in strengthening its health, safety and wellbeing framework and inclusion and diversity strategy.
Pre-merger sale
The group continues to progress with its acquisition of Bakkavor Group plc. In October 2025, the Competition and Markets Authority (CMA) concluded its Phase 1 review into the transaction and identified no competition concerns related to 99% of the revenues of the combined Group.
The CMA did identify competition concerns in the supply of own-label chilled sauces. On 7 November 2025, the CMA accepted in principle the sale of Greencore’s Bristol chilled soups and sauces site as a proposed remedy in lieu of a Phase 2 investigation.
The Bristol site will be sold to Compleat Food Group (Holdings) Limited. The disposal is subject to formal CMA approval and represents a further step towards completion of the acquisition, which the group continues to expect to close in early 2026.
100 years and another year of profitable growth to come
Overall, the business says trading in early FY26 has started positively and it is looking forward to another year of profitable growth.
“Greencore delivered an outstanding performance in FY25, which is a credit to our 13,300 colleagues and our partnership with customers and suppliers. We reported strong growth against all key financial measures and have met our medium-term ROIC target, established only nine months ago,” said Dalton Philips, Greencore CEO.
“Momentum has continued into the new financial year and I’m excited for what’s to come in FY26, a year that also marks Greencore’s 100th year in business. As we celebrate that milestone, we will continue to invest into strengthening our customer partnerships and managing our cost base closely.
“The Bakkavor acquisition brings two great businesses together and creates real value - for customers, consumers and our colleagues. We’re already collaborating closely with the Bakkavor team on integration planning and we look forward to bringing the businesses together in early 2026.”
In FY25, Greencore manufactured 764 million sandwiches and other food to go products, 148 million chilled ready meals, and 200 million bottles of cooking sauces, dips and table sauces. It carries out than 9,900 direct to store deliveries each day.
The business is headquartered in Dublin, Ireland, and has 16 manufacturing sites and 17 distribution centres in the UK.
