Greencore Reports 'Strong Revenue Growth' In Q3
Greencore has reported strong revenue growth in its Irish ingredients business, but said that trading conditions were challenging in the ready meals, cakes and desserts businesses during the quarter.
The group's convenience food business in the UK and Ireland experienced a 20.9% increase to £370.6 million in the third quarter.
The company says that this growth was driven by the food to go business, which accounted for more than 60% of divisional revenue, and by positive underlying market growth.
At the end of June 2017, Greencore acquired a sandwich production facility in West Drayton, near Heathrow, which will enable the group to increase its food to go manufacturing capacity.
On a global scale the convenience foods giant Greencore revenue of £636.5 million in the third quarter of its financial year, which represents an increase of 76.6% on a reported basis, and of 11.8% on a pro forma basis.
For the first nine months of the financial year, ending 30 June 2017, the group has recorded revenue of £1,646.8 million, 56.6% ahead of the same period last year on a reported basis, and 8.8% pro forma.
© 2017 - Checkout Magazine by Donna Ahern