Ireland-based convenience food manufacturer Greencore has reported a 29% increase in its adjusted operating profit for the 52-week period ending September 26 (FY25).

The business said it saw a strong performance across all key financial measures.

FY26, meanwhile, has started positively, the business said, with the acquisition of Bakkavor Group expected to be complete in early 2026, subject to regulatory approval.

Revenue increased 7.7% to £1.95 billion, which Greencore said is driven by "net new business wins"; underlying volume growth and mix; and inflation and pricing impacts.

Greencore's adjusted operating profit increased by 28.9% and adjusted operating margin increased 110 basis points (1.1%) to 6.5%, which the business said was supported by volume momentum and cost management.

Cash conversion was reported at 66.5%, driven by improved working capital management.

The business said it saw an improved balance sheet position with the ratio of net debt (excluding leases) to adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) reduced to 0.4x.

Return on invested capital increased by 350 basis points (3.5%) to 15%, which Greencore said was driven primarily by the increase in net adjusted operating profit after tax.

The business is proposing a FY25 dividend of 2.6 pence per share, an increase on the 2 pense per share dividend for FY24.

Outlining its strategic and operational highlights for the year, Greencore said its overall manufactured volume grew by 2.5%, inclusive of new business wins, and underlying volume grew by 1.1%, ahead of the wider grocery market growth of 0.7%.

Greencore said that innovation continued to be an important contributor to its growth, with 534 new products launched in FY25.

The business said its operational excellence programme drove a productivity improvement of 4% on the prior year, alongside a continued investment in "next generation automation".

Capital investment increased to £43.4 million, a 34% increase on the prior year.

Greencore also said that progress was made on its 'Making Business Easier' transformation programme, with several initiatives "enabling performance and improving process efficiency".

Outlook

In terms of its outlook for next year, Greencore said that, as a stand-alone business, it is "in a stronger position than ever before".

Trading in early FY26 has started positively, according to the business, despite an uncertain UK economic environment and continued inflationary pressures in protein and labour.

The group also continues to progress its acquisition of Bakkavor Group plc.

In October 2025, the Competition and Markets Authority (CMA) in the UK concluded its Phase 1 review into the transaction and identified no competition concerns related to some 99% of the revenues of the combined group, Greencore said.

The CMA identified competition concerns in the supply of own-label chilled sauces.

On November 7, the CMA accepted in principle the sale of Greencore's Bristol chilled soups and sauces site as a proposed remedy in lieu of a Phase 2 follow-up investigation.

Greencore has signed a binding agreement to sell its Bristol site to Compleat Food Group (Holdings) Limited.

The disposal is subject to formal CMA approval and represents a further step towards completion of the acquisition, which the group said it continues to expect to close in early 2026.

Commenting on Greencore's financial results for FY25, chief executive officer (CEO) Dalton Phillips said: "Greencore delivered an outstanding performance in FY25, which is a credit to our 13,300 colleagues and our partnership with customers and suppliers.

"Momentum has continued into the new financial year and I'm excited for what's to come in FY26, a year that also marks Greencore's 100^th year in business. As we celebrate that milestone, we will continue to invest into strengthening our customer partnerships and managing our cost base closely," Phillips added.

The Bakkavor acquisition brings two great businesses together and creates real value for customers, consumers and our colleagues. We're already collaborating closely with the Bakkavor team on integration planning and we look forward to bringing the businesses together in early 2026," the Greencore CEO said.