Greencore Anticipating A Year Of 'Profitable Growth'
Convenience foods firm Greencore has said that it is anticipating a year of 'profitable growth' for full-year 2020, after its first-quarter results showed revenue increases across its divisions.
For the first quarter, which covers the 13 weeks to 27 December 2019, Greencore posted pro forma growth of 0.7%, with reported revenue up 1.8% to £367.8 million (€434.6 million), despite what the group said was a 'challenging trading environment'.
In the group's food-to-go categories, pro forma revenue was up 0.5%, while reported revenue rose 4.5% to £240.9 million (€284.7 million), driven by last year's Freshtime acquisition.
In the group's other convenience categories, pro forma revenue was up 0.9%, with reported revenue down by 3.0% (to £126.9 million), reflecting the exit from ready meals manufacturing at its Kiveton facility in the first half of last year.
“We continue to make good strides in the diverse, attractive and growing UK food to go market," commented Patrick Coveney, Greencore chief executive.
"Our strategy to drive growth, to deepen customer relevance and to pursue a distinctive and repeatable way of working is well embedded across the business. Following a steady start to 2020, we look forward to delivering a year of profitable growth.”
The group will report its interim full-year 2020 results on 19 May.
© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Elizabeth Schroeder. Click subscribe to sign up to ESM: European Supermarket Magazine.