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Greencore says profits should be higher than 2020 if UK lifts lockdown

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Greencore Group PLC (LON:GNC) said that if the UK continues easing lockdown in line with the roadmap, full-year adjusted operating profit should come in higher than 2020 levels.

The food producer said that, in the first seven weeks of the second half, revenue was 64% above prior year levels and 5% below 2019 levels.

The food to go categories have rocketed 123% and 14% above the same period last year and in 2019.

Net debt is expected to reduce further in the second half of the year as the company focuses on rebuilding profits and cash flow to pre-pandemic levels.

In the 26 weeks to 26 March, revenue tumbled 19% to £577mln as people weren’t picking up ready-made sandwiches and salads as much during lockdowns.

The company swung to a £2mln loss before tax from a £27mln profit the year before. Net debt was £332mln.

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