Greencore Group – sandwich group’s shares, now 269p, up over 138% in the last fifteen months, still offering upside, 300p looks easy

22.07.2025

Leading maker of convenience foods the £1.2bn-capitalised Greencore Group (LON:GNC) has this morning issued its Q3 Trading Update for the 13 weeks to Friday 27^th June – and yet again it has upped its market guidance.

The good news has helped to push its shares up nearly 11.5%, by 27.50p to 269p.

That has shown the world’s largest sandwich maker group’s put on an absolutely staggering market-beating price performance.

At the end of March last year, I featured the company when its shares were just 112.90p – so the subsequent uplift is well over 138% up in the intervening period.

And its shares still look very good value – however it would probably be best to wait for inevitable profit-taking to ease the shares back to sensible buying levels.

The Business

The Dublin-based group is a leading manufacturer of convenience foods in the UK and its purpose is to make everyday taste better.

Greencore supplies all of the major supermarkets in the UK.

It also supplies convenience and travel retail outlets, discounters, coffee shops, foodservice and other retailers.

The business carries out more than 10,500 direct to store deliveries each day.

The company, which employs some 13,300 people, has 16 world-class manufacturing sites and 17 distribution centres and transport hubs in the UK, with industry-leading technology and supply chain capabilities.

The group has strong market positions in a range of categories including sandwiches, salads, sushi, chilled snacking, chilled ready meals, chilled soups and sauces, chilled quiche, ambient sauces, pickles and frozen Yorkshire Puddings.

In FY24 it manufactured 748m sandwiches and other food to go products, 125m chilled ready meals, and 204m bottles of cooking sauces, dips and table sauces.

The group generated revenues of £1.8bn in FY24.

Management Comment

CEO Dalton Philips stated that:

"The Greencore team has delivered another outstanding performance in Q3, with particularly strong volume momentum, aided by favourable summer weather and new business wins.

As a close strategic partner to our customers, I'm delighted with how we have been able to deliver market-leading convenience food innovation, strong service levels and products of the highest quality to our retail customers and their shoppers. 

As we enter our seasonally-important Q4, our focus remains on maintaining momentum in our business.

While we are mindful of an uncertain economic backdrop and ongoing inflationary pressures, we now expect to deliver a full year Adjusted Operating Profit of £118-121m, ahead of previous guidance.”

In My View

Considering that it was just two months ago, when the group announced its Interim Profits, that it last guided that its adjusted operating profit would be around the £114m-£117m range.

So, today’s indication confirms the group’s ongoing strength.

Despite its staggering increase in price over the last year or so, Its shares still offer some significant upside – but as I stated above, let them come back on expected profit-taking before adding to holdings.