The meal deal has become 'foodie phenomenon' says UK’s biggest sandwich maker Greencore

The company’s manufacturing site in Leeds prepares a range of Greencore’s frozen Yorkshire puddings. It also has a base in Selby, which prepares the company’s cooking sauces, pickles and other ambient grocery lines and Kiveton, on the outskirts of Sheffield, which makes the company’s quiche and chilled soups ranges.

In May this year, Greencore employed 14,000 staff across the group.

The company’s chief executive Dalton Philips, said: “I am encouraged by the progress made during the third quarter and that manufactured volume growth is continuing to support our top line momentum.

"This clearly illustrates the underlying demand for the categories in which we operate, as well as Greencore’s resilience in the current difficult consumer spending environment.

“The food to go category remains hugely relevant to consumers as they contend with the cost-of living crisis, and it is particularly notable that 52 per cent of supermarket sandwiches are now bought as part of a meal deal, up from 46 per cent this time last year.

"We are delighted that our core category is playing such a key role in feeding the UK, and in a way that represents such good value.

“As we enter the fourth quarter, which is a seasonally important trading period for the business, we remain confident that the group will deliver a full year outturn in line with current market expectations.

“As outlined at the interim results in May, our priority in the near-term is to rebuild profitability and returns to create a platform on which to build for future growth.”

The group’s reported revenue increased in the third quarter by 1.9 per cent to £495.4m.

The statement added: “Cost inflation continues to be managed through ongoing recovery and other mitigating actions, although the rate of inflation in some areas is now beginning to slow.”

"Profit conversion and underlying free cash generation in Q3 FY23 (the third quarter of 2023) were in line with management expectations and underpinned by on-going operational and commercial initiatives.

Commenting on outlook, Greencore said: “The group continues to expect to generate an FY23 (full year 2023) outturn in line with current market expectations.

"The fourth quarter represents a seasonally important period for Greencore and the group anticipates delivering year-on-year profit and cashflow progression in the second half of the year.”