Greencore Reports Revenue Increase In Q1, Despite 'Challenging' Trading Environment
Greencore's revenue increased by 1.8% to €434.4 million (£367.8 million) in it's first quarter, in what continued to be a 'challenging trading environment'.
According to the convenience food firm's Q1 Trading Update FY20 - on a pro forma basis, adjusting for acquisitions and site exits, revenue increased by 0.7% in the quarter.
Food To Go
First quarter revenue in the group’s activities in food to go categories totalled €284.6 million (£240.9 million), the report showed.
Reported revenue in quarter one increased by 4.5% reflecting the impact of the Freshtime acquisition which performed well during the quarter.
Greencore acquired the well-established supplier of meal salads and chilled snacking in the UK, in September 2019.
“We continue to make good strides in the diverse, attractive and growing UK food to go market," said Patrick Coveney, chief executive officer, Greencore.
"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."
Revenue in the group’s other convenience categories totalled €149.9 million (£126.9 million) in the first quarter, increasing by 0.9% on a pro forma basis.
Reported revenue decreased by 3.0% reflecting the exit from longer life ready meals manufacturing at the Kiveton facility in H1 19.
Coveney added: "Following a steady start to 2020, we look forward to delivering a year of profitable growth.”