DAVY VIEW

Following Greencore’s recent trading update and profit upgrade, we anticipate that ongoing commercial and operational self-help initiatives, coupled with above-market volume growth in key categories, will support profit delivery at the upper end of its target range (c.£97m). Moving into FY25, we expect strong momentum to carry through the first half. However, UK Budget changes (effective from April 2025) introduce an additional cost headwind, necessitating higher pricing and sustained self-help contributions to offset impacts, with the success of these efforts representing a key risk to forward forecasts.