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Strong Momentum Lifts Greencore H1 Performance

Convenience foods giant Greencore has seen its operating profits rise 14% in the six months to 28 March, according to an interim management statement issued this morning.

The group posted operating profits of £37.2 million for the period, with group revenue up 9.3% on a like-for-like basis, to £619.8 million.

Its Convenience Foods division posted like-for-like revenue growth of 9.6%.

“The business delivered a strong first half performance, driving 18.6% EPS growth. Our strategy of focusing on the food to go market is working well in both the UK and the US," said Patrick Coveney, Greencore chief executive. "Over the past six months we have stepped up our strategic investments in Minneapolis, Jacksonville, Rhode Island and Northampton to support confirmed new business with several large customers.

"These investments, as well as the strong trading momentum that we are seeing across our Group, have left us well positioned for further growth in the months and years ahead.”

Commenting in advance of the results, Liam Igoe of Goodbody Stockbrokers said that Greencore's US operation boasted arguably the most potential within the group. "Greencore’s US operations are forecast to have increased by 30% in the period as it expands its business with Starbucks," he said.

"We expect this pace to actually accelerate in H2 as new capacity is being added in Jacksonville and the new Rhode Island facility (not operational until next year)."

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