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Investing.com -- Greencore Plc (LON:GNC) shares rose over 10% on Tuesday after reporting strong third-quarter performance with revenue growth accelerating to 9.9% compared to 6.6% in the first half of the year.
The food-to-go manufacturer cited new business wins and "favorable summer weather" as key drivers behind the improved performance. The revenue growth included a 3.1% contribution from inflation recovery.
Even when excluding the positive impact of new contract wins, Greencore’s underlying volume growth reached 1.9%, outperforming the wider grocery market which grew at 0.7%.
Due to this strong volume performance, profit conversion exceeded expectations, prompting the company to raise its full-year 2025 operating profit guidance to between £118-121 million, up from the previous range of £114-117 million. This represents a midpoint upgrade of 3-4%.
Regarding Greencore’s acquisition of BAKK, the company received shareholder approval in early July.
The transaction is still expected to complete in early 2026, subject to regulatory and Competition and Markets Authority approval.
The strong results come despite recently reported challenges at Greggs (LON:GRG), where there is some product overlap in the sandwich category. Greencore continues to deliver upgrades despite facing cost headwinds.
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