2024-05-21 15:40:28 ET
Greencore Group plc (GNCGF)
Q2 2024 Results Conference Call
May 21, 2024 03:30 AM ET
Company Participants
Dalton Philips - CEO
Catherine Gubbins - CFO
Conference Call Participants
Patrick Higgins - Goodbody
Gary Martin - Davy
Damian McNeela - Deutsche Bank
Andrew Ford - Peel Hunt
Darren Shirley - Shore Capital
Clive Black - Shore Capital
Andy Wade - Jefferies
Presentation
Operator
Welcome to the Greencore H1 Full Year 2024 Results Presentation. I will now hand over to CEO, Dalton Philips.
Dalton Philips
Good morning and thank you for joining us today for our FY '24 half year results. Before we get going, I wanted to say a big thank you to our outgoing Interim CFO, Jonathan Solesbury and to welcome our new CFO, Catherine Gubbins. Jonathan has done a terrific job since he joined us last summer. His calm headed and focused support has been a huge asset to our business. We will miss Jonathan and we wish him the very best for the future. Jonathan has also done a super job helping Catherine on board since she joined us earlier this year. And Catherine's had a busy few months of induction and we're absolutely delighted to have you on board, Catherine, you're already making a very positive impact to our business.
So back to today. I'll start with a brief summary of our performance before handing over to Catherine for an analysis of the financials and then I'll return for the strategic and operating update. This should take about 30 minutes after which we'd love to have your questions. So turning to Page 5 and the executive summary. We've had a strong start to the year and have accelerated progress on restoring the group to historic absolute levels of profitability and returns. Some key highlights from the half year. Firstly, we've delivered an adjusted operating profit of £28.3 million, which is a 140% increase year-on-year. Secondly, our like-for-like volume growth was 0.5% positive compared to last year demonstrating continued outperformance against the market. We also had like-for-like revenue growth of 4.1%.
Thirdly, we've delivered against our cost, operational and commercial efficiency programs. Fourthly, we've continued to optimize and apply a return lens across our sites and categories. Fifthly, we have a strong balance sheet, which provides headroom for wider capital allocation options with £50 million going back to shareholders over the next 12 months. And finally, as a result of the above, we currently expect FY '24 adjusted operating profit to be in the range of £86 million to £88 million, which is ahead of current market expectations. So in summary, I'm pleased to say that we've had a good strong start to the financial year.
Let me now hand you over to Catherine.
Catherine Gubbins
Thanks, Dalton. Good morning to everyone and thank you for joining us in the room and on the call today in what is my first results presentation as Greencore CFO. I wanted to spend the first few minutes of my section today giving you a flavor of my first impressions and also a sense of what my immediate priorities as CFO will be....
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Greencore Group plc (GNCGF) Q2 2024 Earnings Call Transcript