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Convenience Foods Firm Greencore Sees Revenue Up In First Quarter

Convenience foods group Greencore has posted a pro forma revenue increase of 5.8% in the first quarter of its financial year, of £363.5 million (€417.5 million).

In the group’s food-to-go businesses, pro forma revenue was up by 6.4%, while in the rest of Greencore’s continuing operations, revenue rose by 4.7% in the quarter.

The group said that its results do not include the performance of its disposed sites and those that ceased trading in the last year. It completed the disposal of its US business in November.

Reported revenue in discontinued operations was £172.8 million in the period of ownership, it said.

In December, the group announced its intention to return Around £509 million to its shareholders by way of a tender offer, which is conditional on shareholder approval at the group’s AGM.

In addition, it completed the refinancing of its primary debt agreements in January.

Outlook

Looking ahead to the coming year, Greencore said that it ‘anticipates continued underlying revenue growth in its key convenience food categories’.

On Brexit, it said that it believes the risks of Britain leaving the EU ‘are manageable in the medium-term, the near-term challenges associated with a ‘no withdrawal agreement’ are uncertain’.

© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.

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