Greencore Looks Forward To "Year Of Progress" After Strong FY Results
Sandwich giant Greencore has said that it is "well placed" to grow in 2016, following full-year results that show a 13.5% increase in pre-tax profit to £78 million.
Convenience-foods revenue at Greencore rose 6% in the year to 25 September, the results show, to £1.29 billion. Revenue at the group rose 5.2% to £.134 billion.
“Our strategy, momentum and pipeline of opportunities leave us well placed to deliver further progress in FY16 and beyond,” said Greencore chief executive Patrick Coveney.
On its results, Davy Stockbrokers’ Cathal Kenny said that “at a time of subdued growth for many food manufacturers, Greencore’s revenue and profit development is a standout. The FY2015 operating profit out-turn of £91.7m (+10.6% YOY) brings its cumulative growth over the past five years to [approximately] 80%.
“The engine of growth is its UK food-to-go business segment. Our model assumes that the baton for profit growth shifts to the US in 2016.”
© 2015 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. To subscribe to ESM: The European Supermarket Magazine, click here.