Greencore Posts 4.2% Increase In Group Revenue In Full Year
Convenience foods giant Greencore has posted a 4.2% increase in group revenue from continuing operations in the full year to 28 September 2018.
The group posted revenue of £1.499 billion (€1.685 billion) for the period, up from £1.438 billion (€1.61 billion) a year earlier.
Adjusted operating profit was up 1.7%, to £104.6 million (€117.39 million), while group operating profit rose by 9.5%, to £49.8 million (€55.89 million).
In the statement, which presented Greencore’s US business as ‘discontinued operations’ following its recent disposal for $1.075 billion (€0.95 billion), Greencore said that it is ‘well positioned to drive future growth and sustainable returns in [its] core UK market’.
It also plans to return around £509 million (€571.39 million) of capital to shareholders by way of a tender offer.
“2018 was a year of significant change for Greencore,” commented chief executive Patrick Coveney.
“We delivered good underlying growth in the UK, with favourable consumer and retailer trends helping drive our core food-to-go business. After the financial year end, we took the decision to sell our US business, having received a compelling offer for it,” Coveney added.
“We will now focus all of our attention and resources on the significant growth opportunities that we see in the UK, both organic and inorganic,” he furthered.
Coveney also made reference to the “short-term uncertainties of Brexit”, adding that the company’s “scale, depth and expertise in attractive and structurally growing food categories mean that we are confident in the future growth prospects for Greencore”.
© 2018 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.