Greencore Set To Consolidate Around Its Key Strengths: Analysis
While the year 2017 saw its fair share of ups and downs for convenience foods group Greencore, 2018 looks to be starting off on the front foot.
Earlier today, Greencore announced a 7.2% increase in pro forma revenue in the first quarter of its financial year, with sales of £640.5 million for the period. Driving this growth was its UK & Ireland Convenience Foods business, which saw 8.7% growth, while its burgeoning US Convenience Foods operation posted 5.1% growth.
In what has been a busy week for chief executive Patrick Coveney and his team, the business also announced that it was exiting the cakes and desserts business, with the sale of its remaining operations to UK-based Bright Blue Foods, a disposal that is expected to have a 'neutral' impact on its group adjusted earnings.
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