Ireland-based convenience food manufacturer Greencore has said that it has concluded "an excellent year", as it issued its trading update for quarter four (Q4) and the full year 2025 (FY25) ending September 26.

The group revenue for both Q4 and FY25 is reported as up 8%.

In the food-to-go category, revenue is reported as up 9% in the quarter and 8% in the year; while other convenience categories are up 6% in the quarter and 8% in the year.

Greencore said that revenue growth experienced throughout the year continued into Q4, driven by product innovation and favourable weather, among other factors.

The group now expects to report FY25 revenue of approximately £1.95 billion (€2.25 billion).

Volume momentum continued into Q4, particularly food-to-go categories such as sandwiches and sushi.

The business said it saw robust volume growth in the year, with FY25 manufactured volume growing approximately 3% and underlying volume growing 1%.

130 new products were launched during Q4, including a range ofhot and cold food to go products for a new store format, an elevated mac and cheese range, and premium cooking sauces.

Profit conversion during Q4 was ahead of expectations, according to the business. This performance was driven by strong volume momentum and a focus on cost management through the group’s initiatives, including reducing waste and ensuring effective use of labour at sites.

Net Debt (excluding lease liabilities) is expected to be approximately £70 million (€80.77 million) compared to a FY24 figure of £148 million (€170.77 million).

The ratio of net debt to EBITDA (earnings before interest, taxes, depreciation and amortisation) was "well below" the medium-term target range of 1.0x to 1.5x.

In terms of the final outlook for FY25, as a result of "this strong performance", the group now anticipates that FY25 adjusted operating profit will be approximately £125 million (€144.23 million), above the previous guidance of between £118 million to £121 million.

The group continues to progress with the proposed acquisition of Bakkavor Group plc, after approval was received for the transaction from both Greencore and Bakkavor shareholders in July.

The Competition and Markets Authority in the UK has announced the launch of a merger inquiry, with a deadline of October 27 for its Phase 1 decision.

Greencore expects to report its FY25 results on November 18.

Commenting on the latest trading update, Greencore CEO Dalton Philips said: "We had another excellent year in Q4, which rounded out an exceptional year.

"While there are wider economic headwinds, the strong performance means we are again upgrading our full-year guidance," Philips added.