Monthly Business Figurehead: Dalton Philips, Greencore Company
Greencore, a Dublin-based food group, has reported a significant increase in revenue for its fiscal third quarter (Q3 FY25), with a 9.9% rise to £511.1 million (€588 million). This growth was driven by a surge in July, contributing to a positive outlook for the full fiscal year 2025 [1][2].
In a statement issued on July 22nd, Greencore reported that its Q3 sales were 7.6% higher than previously anticipated for the fiscal year to date. This revenue increase was significantly more than analysts had expected, leading to a surge in Greencore's shares on the same day [1][2][4]. Shares of Greencore jumped as much as 11.4 per cent, reaching at least a five-year high [5].
Dalton Philips, the current CEO of Greencore, has also announced that Greencore is undertaking a significant strategic move. In April, the company secured support from Bakkavor's board for a £1.2 billion acquisition of its London-based peer. If approved by UK competition regulators, the acquisition would create a UK convenience food business with combined revenue of £4 billion and approximately 30,500 employees [3].
This acquisition is expected to significantly strengthen Greencore’s market position in the convenience and fresh prepared foods sector, potentially leading to further revenue growth and outlook expectations [3]. Existing Greencore investors would own 56% of the combined group if the acquisition is approved.
In terms of financial projections, Greencore's CEO, Dalton Philips, expects a full year adjusted operating profit of £118 million to £121 million, an improvement from previous guidance [6]. However, specific numeric updates to the full-year revenue forecast beyond the Q3 revenue surge are not detailed in the provided results.
In conclusion, Greencore's strong Q3 FY25 revenue performance and the major acquisition suggest an optimistic and growth-oriented outlook for fiscal year 2025. If approved by UK competition regulators, the acquisition would further strengthen Greencore’s market position and potentially lead to continued revenue growth.
[1] The Irish Times
[2] Business Post
[3] The Grocer
[4] Reuters
[5] The Irish Times
[6] Business Post
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