Convenience-food manufacturer sees pretax profit rise in challenging market
- Greencore Group reports higher pretax profit for fiscal 2023
- Profit rise attributed to new business wins and volume growth
- Adjusted earnings before interest, taxes, depreciation and amortization increase
- Group revenue rises 10% driven by recovery of cost inflation and increased volume
- Company commits to GBP50 million share buyback program
Greencore Group has reported a higher pretax profit for fiscal 2023, driven by new business wins and volume growth. The London-listed convenience-food manufacturer saw its pretax profit reach £45.2 million, compared to £39.8 million in the previous year. Adjusted earnings before interest, taxes, depreciation, and amortization also increased to £132.8 million. The company’s revenue rose by 10% to £1.91 billion, thanks to a recovery of cost inflation and increased manufactured volume. Greencore Group will also continue its share buyback program commitment of £50 million. Despite a challenging market environment, the company remains confident in delivering fiscal 2024 within the range of current market expectations.
Factuality Level: 8
Factuality Justification: The article provides specific financial figures and quotes from the CEO, indicating that the information is based on factual data. However, it is important to note that the article does not provide any external sources or independent verification of the information.
Noise Level: 7
Noise Justification: The article provides information on Greencore Group’s higher pretax profit for fiscal 2023 and the factors contributing to it, such as new business wins and volume growth. It also mentions the company’s adjusted earnings before interest, taxes, depreciation, and amortization and its revenue increase. However, the article lacks in-depth analysis, scientific rigor, and evidence to support its claims. It also does not provide actionable insights or explore the consequences of the company’s decisions on stakeholders. Overall, the article contains relevant information but lacks depth and critical analysis.
Financial Relevance: Yes
Financial Markets Impacted: The financial markets that may be impacted by this news article are the London Stock Exchange, where Greencore Group is listed, and potentially other food manufacturing companies in the convenience-food industry.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: This news article pertains to the financial performance of Greencore Group, a convenience-food manufacturer. It reports on the company’s higher pretax profit for fiscal 2023, driven by new business wins and volume growth. There is no mention of any extreme events or their impact.
Public Companies: Greencore Group (N/A)
Key People: Dalton Philips (Chief Executive Officer)
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