Greencore Group PLC (LSE:GNC) moved higher on Tuesday, after reporting strong full-year results for FY25 and confirming further progress toward its recommended acquisition of Bakkavor Group PLC (LSE:BAKK).
The company said revenue rose 7.7% to £1.95 billion for the year ended 26 September 2025, with adjusted operating profit climbing 28.9% to £125.7 million.
Also this morning, the firm announced it had signed a binding agreement to sell its Bristol chilled soups and sauces site to Compleat Food Group, a disposal required to secure regulatory approval for the acquisition.
It noted that the Competition and Markets Authority has given in-principle acceptance of the Bristol disposal as the proposed remedy to avoid a Phase 2 investigation.
"Momentum has continued into the new financial year and I'm excited for what's to come in FY26,” chief executive Dalton Philips said. “The Bakkavor acquisition brings two great businesses together and creates real value.”
The UK prepared food company - which makes sandwiches, salads, sushi, ready meals and chilled sauces - said FY25 performance benefited from new business wins, underlying volume growth, and improvements in operational efficiency. The company also reported free cash flow of £120.5 million and a reduction in net debt to £70.1 million. It continues to expect completion of the Bakkavor transaction in early 2026, subject to final CMA approval of the disposal and court sanction of the scheme of arrangement.
In London, Greencore shares were up 6.25% changing hands at 238p.