Greencore’s FY18 results bring closure to its US journey. Investor focus returns solely to its UK franchise, which is underpinned by its Food-to-Go (FtG) platform – the sole driver of profit growth in FY18. Its qualitative outlook statement calls for continued underlying revenue and profit growth in FY19 – against a more tempered revenue environment, productivity initiatives will take on greater significance. We anticipate no material change to our FY19 UK/Ireland operating profit forecast (£115.5m on a pre-reallocation of central costs).
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