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Greencore Announces Third Quarter Results

Published on Jul 31 2012 10:52 AM in Private Label

Greencore Announces Third Quarter Results

Greencore is 'confident' that it will meet market expectations following the announcement today of a headline revenue growth of 46.9 per cent, with group revenue reaching £298 million for the third quarter.

The dedicated private label manufacturer says it has "continued to perform well" in the 13 weeks to 29 June 2012, with core growth reaching 11.1 per cent, assuming Uniq, which Greencore bought in July of last year, had been part of the company throughout 2011 and excluding its desserts product lines which are being exited. This growth figure excluding MarketFare Foods, the American business it acquired in April, is 6.7 per cent.

Greencore's reported revenue for the 39 weeks to 29 June 2012 of £865.6 million, shows an increase of 48.8 per cent on the same period in 2011. This growth includes the contribution of the company's significant acquisitions throughout the year, growth excluding both MarketFare and Uniq comes in at 6.5 per cent.

The company's convenience foods division grew by 51.2 per cent during the fiscal year, with a third quarter revenue of £277.9 million. The company's performance this quarter was boosted by May's Jubilee celebrations in the UK, but affected by bad weather in June.

The company says that it does not expect "any material improvement in the trading environment in the near future" but described its financial position as "robust with good headroom within existing facilities". (31 Jul)

© 2012 ESM European Supermarket Magazine

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