The Greencore Group (LON: GNC) share price surged more than 7% on Tuesday morning after the UK convenience food manufacturer raised its full-year profit guidance.
The stock initially climbed to a high of 188p before easing slightly, though it remains down 9.8% so far this year.
In a trading update for the second quarter ended 28 March, Greencore reported “strong revenue and volume momentum,” driven by growth with existing customers and new business secured last year.
The company also noted that profit conversion during the quarter exceeded management’s expectations, supported by operational and commercial initiatives as well as a continued focus on cost control.
As a result, Greencore now expects adjusted operating profit for the full year ending 26 September 2025 to be between £112 million and £115 million, ahead of previous market expectations.
The company emphasised that efficiency measures and disciplined cost management have bolstered its performance.
Greencore’s next financial update will come on 27 May when it publishes half-year results.
Last week, it was reported that Greencore had upped its bid for rival Bakkavor Group. Bakkavor had already rejected two takeover proposals from Greencore this month.
The latest cash-and-stock offer valued the company at 189p per share, including a planned dividend. It would have valued Bakkavor at £1.14 billion.
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