Latest news with #summerdemand
Reuters
20 hours ago
- Business
- Reuters
UK's Greencore raises forecast as chilled food demand soars in summer
July 22 (Reuters) - Chilled and frozen food manufacturer Greencore (GNC.L), opens new tab raised its annual profit forecast on Tuesday, driven by cost cuts and strong demand for its convenience products during the summer, sending the company's shares up more than 10%. Greencore, which supplies chilled salads, sandwiches, sushi, soups and frozen Yorkshire puddings to stores in the UK, expects adjusted operating profit of 118 million pounds to 121 million pounds ($159 million to $163 million) for the year ending September. That compares with its previous forecast of 114 million pounds to 117 million pounds. "As we enter our seasonally-important Q4, our focus remains on maintaining momentum in our business," CEO Dalton Philips said. The company, which counts Aldi, M&S (MKS.L), opens new tab, Tesco (TSCO.L), opens new tab, Waitrose and Sainsbury's (SBRY.L), opens new tab among its customers, reported a 9.9% sequential increase in revenue during the third quarter. Shares rose as much as 11.6% to 269 pence by 0907 GMT, and were the top percentage gainer on London's mid-cap FTSE 250 (.FTMC), opens new tab index. Greencore's update contrasts that of baker Greggs (GRG.L), opens new tab, which earlier this month warned of a profit dip as unusually high temperatures in the UK discouraged customers from eating out. Premier Foods (PFD.L), opens new tab also flagged the warmer weather was hitting demand for gravy, stock and soup. Greencore launched 168 new products during the summer, it said, even as it cautioned of uncertainties in the broader macroeconomic environment. British food prices accelerated by the most since March 2024 in June, a survey earlier this month showed. "The business is continuing to deliver upgrades despite cost headwinds, and we are taking an increasingly favourable view of the Bakkavor combination," Jefferies analysts said in a note. Greencore said on Tuesday it continues to expect to close its $1.6 billion takeover of Bakkavor Group (BAKK.L), opens new tab in early 2026, sending the fresh food provider's shares up as much as 8.1%. ($1 = 0.7423 pounds)
Reuters
a day ago
- Business
- Reuters
UK food group Greencore raises annual profit outlook on summer boost
July 22 (Reuters) - Convenience food manufacturer Greencore (GNC.L), opens new tab on Tuesday raised its annual profit expectations, driven by cost cuts and strong demand for its products during the summer, despite uncertainties in the broader macroeconomic environment. The company, which sells soups, dips, salads, desserts, and breads, forecast adjusted operating profit of 118 million pounds to 121 million pounds ($159 million to $163 million) for the year ending September. Greencore, which had agreed the takeover of fresh food provider Bakkavor Group (BAKK.L), opens new tab in May, also said that it continues to expect to close the deal in early 2026. ($1 = 0.7423 pounds)
Wall Street Journal
02-07-2025
- Business
- Wall Street Journal
U.S. Natural Gas Futures Rise on Demand Expectations
1528 ET – U.S. natural gas futures end the day and the week higher. Prospects of strong summer demand outweigh this week's large storage build and decline in LNG exports due to maintenance at several terminals. 'To the bullish side is a hotter than normal pattern still forecast for the second half of June and with expectations July will be much hotter than normal as well,' says in a note. 'There's also the expectation the balance will tighten in the coming quarters, aided by additional LNG capacity coming online,' the forecaster adds. Nymex natural gas settles up 2.9% at $3.784/mmBtu, and is up 9.8% from a week ago. ( 0922 ET – U.S. natural gas futures are on track for solid weekly gains with traders looking to summer heat and LNG to lift demand. This week's advance is 'despite mild weather, a bearish EIA report, extended LNG maintenance and higher production readings,' Eli Rubin of EBW Analytics notes. The long-term market narrative is bullish, although increasing near-term storage surpluses may dampen upside potential in the fall, he says. Nymex natural gas is up 0.8% at $3.707/mmBtu. (
CTV News
30-06-2025
- Business
- CTV News
Local food bank faces summer demand and donation decline
Local food bank faces summer demand and donation decline As the summer season begins, the Barrie Food Bank reports record-breaking demand for assistance at a time when donations are typically at their lowest.
