Irish-based convenience food company Greencore has announced its results for the half-year 2026 (HY26), ending March 27, saying it expects full-year adjusted operating profit in line with market expectations.

The business' financial statement for HY26 is on a 'pro forma' basis, taking account of the acquisition of UK convenience food company Bakkavor in January and the disposal of its Bristol chilled soups and sauces manufacturing site as part of the same deal.

The group reported revenue growth of 3.2% to £1.318 billion, while adjusted operating profit grew by 15.3% to £73.3 million, for a margin of 5.6%.

However, when the Bakkavor acquisition is factored in, the company made an operating loss of £13.4 million, down from £38.1 million in the first half of the 2025 financial year.

The business reported return on investment capital (ROIC) of 10.8%.

Greencore saw negative free cash flow driven, by timing of working capital outflows and exceptional costs related to the acquisition of Bakkavor.

The business said the acquisition of Bakkavor in January created the UK’s leading manufacturer of fresh conveniencefoods, with enhanced capabilities for customers and a "highly complementary" product portfolio.

The integration of Bakkavor is said to be fully underway and progressing to plan, with a single functional organisation design going live in April.

Greencore said that its volumes held up well in a "subdued" grocery market.

The company launched 308 new products in the half-year period.

The business said it is "firmly on track" to deliver at least £80 million in annual cost "synergies", in line with "previously stated timeframes".

In terms of the outlook for the coming months, Greencore said trading in quarter three (Q3) has remained robust.

The group said it is continuing to monitor the events in the Middle East and the potential inflationary impacts, but remains "resilient and confident in the near-term mitigations" it has in place.

Greencore said, with "a strong competitive position and enduring customer relationships", the group expects to deliver adjusted operating profit in line with current market expectations.

Commenting on these results, Dalton Philips, chief executive officer (CEO) of Greencore, said: "With a strong competitive position and enduring customer relationships, the group expects to deliver adjusted operating profit in line with current market expectations."

"The integration of Bakkavor is progressing well and to plan – and we are focused on bringing our 4,000-plus product portfolio and enhanced capabilities to our customers," Philips added.

"We are firmly on track to deliver our target of annual cost synergies of at least £80 million within three years post-acquisition," he said.

The Greencore CEO said the business continues to monitor "macro developments" and inflationary impacts from the events in the Middle East, but that it remains "confident in the short-term mitigations we have in place and the outlook for the business".

"We expect to deliver FY26 adjusted operating profit in line with current market expectations," he added.