Greencore has continued its move away from its Irish sugar origins, with the news that its Ingredients and Property division, which includes the former sugar-processing sites in Mallow and Carlow, now accounts for less than 5 per cent of group activity.
The convenience foods giant made the announcement in its Q3 interim management statement, which showed that Ingredients and Property recorded revenues of £15.9 million in Q3, 18.2 per cent lower than last year, on a constant currency basis.
In contrast, the group's Convenience Foods division saw its revenue rise to £310.5 million, up 9.3 per cent on a like-for-like basis. In the UK, like-for-like revenue was 10.1 per cent higher than in the previous year, while in the US, constant currency revenue was up 16.9 per cent.
In the statement, Greencore said, 'While the overall grocery market remained challenging, the food-to-go market was buoyant throughout the period, driven in part by growth in small store formats. Activity with several key customers resulted in the Group outperforming the food-to-go market. Both the Prepared Meals and Grocery businesses recorded modest improvement in revenue growth trajectory versus H1.'
The company's Q3 period covers the 13 weeks to 27 June.
