Greencore’s profits soared in 2024 as it experienced a “stronger than expected” year, despite a fall in group sales.

In the year to 27 September, the UK’s largest sandwich maker saw adjusted operating profit surge by 27.8% to £97.5m, up from £76.3m in 2023 and experienced like for like volume growth ahead of the wider market.

However, group sales slipped slightly by 5.6% to £1.8bn, compared to £1.9bn in 2023.

Greencore chief executive Dalton Philips said the group delivered “excellent progress against its key financial metrics and strategic priorities in FY24, underpinned by close customer engagement in a period that continued to be defined by cost inflation and muted consumer confidence.”

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He added that over the past 12 months, the business has “remained focused on making high quality food, rebuilding our profitability, and positioning Greencore to be known as the UK’s leading convenience foods manufacturer.

“We continue to make progress against each of our strategic objectives and are well positioned to continue this momentum in FY25 and over the longer term.”

Looking ahead, Greencore now anticipates its adjusted operating profit for 2025 to be within the top half of the range of current market expectations.

It comes as the supermarket sandwich supplier had already lifted its full-year profit guidance this year following higher-than-expected sales in its fourth quarter of 2024.