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Greencore Turns To Pre-tax Profit In H1; Sees FY22 Outturn In Line With Market View; Stock Up

Greencore Group plc (GNC.L), a British manufacturer of convenience food, reported Tuesday that its first-half profit before tax was 1 million pounds, compared to last year's loss of 1.8 million pounds.

Basic earnings per share were 0.2 pence, compared to breakeven last year.

Adjusted profit before tax was 11.7 million pounds, compared to loss of 7.9 million pounds a year ago. Adjusted earnings per share were 1.8 pence, while last year's adjusted loss was 1.4 pence.

Group revenue went up 33.6 percent to 770.8 million pounds from prior year's 577.1 million pounds, driven by strong growth in food to go and other convenience categories. Pro Forma revenue growth was 34.9 percent.

Further, the company announced its intention to recommence value return of up to 50 million pounds over the next two years, initially in the form of a share buyback programme.

Looking ahead, the company said it is encouraged by the momentum in revenue and profit conversion in the first seven weeks of H2.

The company expects to generate a fiscal 2022 outturn in line with current market expectations.

In London, Greencore shares were gaining around 6.4 percent to trade at 114.20 pence.

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