StockMarketWire.com - Convenience foods manufacturer Greencore upgraded its forecast on annual revenue following strong growth in the third quarter of the year.

The company said it now expects to generate an fiscal 2021 adjusted operating profit outturn of between £36 million and £40 million, versus previous guidance of above fiscal 2020 levels of £32.5m

For the 13 weeks through 25 June 2021, pro forma revenue grew 53.1% above prior year levels and was only 2.8% below equivalent pre-COVID levels in Q3 19.

Progressive improvement in monthly trading with Group pro forma revenue in June 1% above comparative pre-COVID levels in fiscal 2019.

Revenue momentum had 'remained encouraging in the first three trading weeks of July,' the company said.

'Net debt (excluding lease liabilities) at the end of FY21 is anticipated to be below £240m with Net Debt:EBITDA comfortably below 3x, as measured under financing agreements,' it added.




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