Greencore Reports Increased Half-Year Revenues
Greencore Group plc has announced that revenue for the six months to the end of May totaled £639.8 million, up 3.9% year-on-year on a like-for-like basis.
In Convenience Foods, which makes up the bulk of Greencore’s business in the UK, the Dublin-headquartered group reports a 4.9% increase in revenue, bringing the figure to £614.7 million.
Greencore saw an increase of 7.8% in its operating profits to £40.1 million.
In Greencore’s fastest growing market, the US, sales of food-to go increased by 30.6%. The company is in the process of reorganising its US production, having recently completed a new factory in Rhode Island and having increased the capacity of its Florida facility, along with the closure of two other sites.
The group is also working on an extension of its Northampton sandwich facility, which it expects to be completed in Spring 2016. The UK food-to-go business represents 40% of Greencore’s revenue.
Patrick Coveney, Greencore’s CEO, commented on the report, “The Group delivered good financial and strategic progress in the first half of the year. Our strategy of deepening our leadership, capability, capacity footprint and customer partnerships in the UK and US food to go markets continues to deliver growth, with like for like revenue in that part of our business up 8.7%.
“The Group has stepped up its capital investment programme in new sites, which will provide a solid platform for growth in the months and years ahead. We carry good momentum into the second half and remain confident in our ability to deliver adjusted EPS growth for the year in line with market expectations."
© 2015 - Checkout Magazine by Jenny Whelan.