Greencore Group plc (OTCPK:GNCGF) Q4 2024 Results Conference Call December 3, 2024 3:30 AM ET
Company Participants
Dalton Philips - Chief Executive Officer
Catherine Gubbins - Chief Financial Officer
Conference Call Participants
Patrick Higgins - Goodbody
Gary Martin - Davy
Andrew Ford - Peel Hunt
Clive Black - Shore Capital
Andy Wade - Jefferies
Matthew Webb - Investec
Damian McNeela - Deutsche Bank
Operator
Good morning and welcome to the Greencore FY '24 Results Presentation. I would now like to hand over to Dalton Philips, Greencore's CEO. Please go ahead.
Dalton Philips
Good morning and thank you for joining us for our FY '24 full year results. It's good to be sharing a strong set of numbers with you today. We've worked hard to stabilize our core operations and rebuild profitability onto what's now a really solid foundation, which we'll cover with you this morning and at our Capital Markets Day in February, we'll share more on our medium-term trajectory and ambition for our business. Let me share some key messages on Page 5. Firstly, we exceeded market expectations in terms of profitability and this performance has given us real momentum into this new financial year. Like-for-like revenue growth was 3.4% and like-for-like volume growth was 0.5%, which continues our outperformance against the wider market.
We've successfully delivered against our commercial and operational excellence agendas, which has enabled us to achieve an adjusted operating profit of £97.5 million and this improvement has been driven right across our business. I'm particularly pleased by the strong execution of our turnaround plans in some of our previously lower performing categories. Our leverage is now at the lower end of our target range, which gives us wider capital allocation options. We've completed our £50 million capital return to shareholders. This includes the recommencement of a progressive dividend policy of 2p per share, which
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