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Greencore Sees Revenue Growth In H1, Updates On COVID-19 Response

Published on May 19 2020 8:58 AM in Private Label tagged: Featured Post / Greencore / Convenience Foods / COVID-19

Greencore Sees Revenue Growth In H1, Updates On COVID-19 Response

Convenience foods operator Greencore has posted a 1.6% increase in group revenue in the first half of its financial year, to £712.7 million (€798 million), and offered an update on how it is responding to the COVID-19 pandemic.

Pro forma revenue growth for the period to 27 March was 0.1%, while adjusted EBITDA was up 2.1%.

In the immediate aftermath of the completion of its first-half period, Greencore issued a statement at the end of March noting that it had seen a 'marked reduction' in demand for its food to go categories.

'Rapid Response'

In this trading update, it said that it had undertaken a 'comprehensive and rapid response' to the COVID-19 epidemic, by 'keeping our people safe, feeding the UK, and protecting our business'.

It added that the focus is now on rebuilding Greencore volumes as social restriction measures are eased.

It has announced that it will not proceed with either a final FY20 or FY21 dividend payment, having previously stated that it will not proceed with an interim FY20 dividend payment.

The group has also recently announced the appointment of Emma Hynes as executive director and chief financial officer.

'Range Of Actions'

"We have implemented a broad range of actions to mitigate the impact of COVID-19 on our business and to position us for growth as the pandemic eases," commented Patrick Coveney, Greencore chief executive.

"More than ever before, our deep customer relationships, leadership positions in key food categories, well invested network, flexible model, and outstanding people are key strengths that ensure we trade our way resiliently through this uncertain period.”

© 2020 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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