Greencore (LSE:GNC) posted a solid set of full-year 2025 results on Tuesday, reporting a 7.7% rise in group revenue to £1.95 billion. Adjusted operating profit climbed 28.9% to £125.7 million, while margins strengthened by 110 basis points to 6.5%, reflecting improved efficiency and disciplined cost management. The company credited the performance to new contract wins, underlying volume growth, and continued effectiveness in navigating inflation and pricing pressures.
EBITDA grew roughly 18% to £181.2 million for the year, and profit before tax surged 29.3% to £79.5 million. Free cash flow also increased to £120.5 million, while net debt excluding leases dropped significantly to £70.1 million, lowering leverage to just 0.4x.
Food-to-go remained the group’s engine of growth, delivering £1.34 billion in revenue thanks to strong demand for sandwiches, sushi, and other quick-serve categories. Convenience ranges also performed well, aided by the full-year impact of a large ready-meals contract and a broader recovery from prior inflationary pressures. Total manufactured volumes rose 2.5%, including 1.1% of underlying growth — ahead of the wider U.K. grocery market.
The company said FY26 is off to a good start despite a challenging domestic backdrop and persistent inflation in labour and protein inputs. Management maintained its positive stance, expecting “another year of profitable growth,” supported by continued operational momentum and targeted investment.
Greencore also highlighted progress on its recommended acquisition of Bakkavor, confirming a binding agreement to sell its Bristol chilled soups and sauces facility to Compleat Food Group (Holdings) Limited. The divestment — subject to approval from the Competition and Markets Authority — represents another step toward completing the Bakkavor deal in early 2026.
“We reported strong growth against all key financial measures and have met our medium-term ROIC target, established only nine months ago,” CEO Dalton Philips said in a statement. He noted that momentum has carried into the new financial year and described FY26 — the company’s centenary — as a period in which Greencore will continue investing in customer relationships and its cost base. Philips also said the Bakkavor transaction “brings two great businesses together and creates real value.”
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