Greencore Sees Marginal Pro Forma Revenue Growth In Third Quarter
Convenience foods business Greencore has posted a 0.8% increase in pro forma revenue in the third quarter of its financial year.
Reported revenue from continuing operations was down 2.9% on the previous year, to £365.0 million (€398.9 million), for the period to 28 June, largely due to disposals and business exits.
Food To Go
Its Food to Go operations were up 0.6% on both a pro forma and reported basis, while its Other Convenience Food operations were up 1.4%, or down 9.8% on a reported basis.
The group said that its Food to Go business was impacted by 'weak market conditions with unseasonal weather, a varied trading performance across the customer portfolio, set against a strong comparative period'. Reported revenue in this division was £250.6 million, with the group reporting an increase of 4.6% for the division in the first nine months of the year.
Reported revenue in Other Convenience Food was £114.3 million, with this segment impacted by site disposals and business exits.
Underlying free cash generation for the Group in Q3 was in line with expectations, it said.
Looking ahead to the full year, Greencore said that it is 'performing well against its strategic and financial objectives, despite the soft underlying revenue growth in Q3'.
It said that the final quarter of the year is traditionally 'seasonally important' for the group, and it 'continues to anticipate growth in Adjusted Operating Profit for the full year supported by underlying revenue growth and a good operational performance'.
It will report its full-year results on 26 November.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.