Greencore Sees Revenue Jump By 46% Since Peacock Foods Acquisition
Greencore Group plc saw revenues jump by 46.1% to £1,010.3 million since it announced its Peacock Foods Acquisition, according to its interim results that it issued today.
The convenience food group completed the acquisition of Peacock Foods at the end of December 2016, 'transforming' the Group’s US business.
The results for the 26 weeks ended 31 March 2017 also delivered an earnings (EBITDA) increase of 31.2% to £79.1 million.
Other financial highlights showed that the groups operating profit was up 27.1% to £55.3 million, while pre-tax profit rose by 29 per cent to £34.6 million.
Commenting on the results, Patrick Coveney, Chief Executive Officer, said: “This has been a transformational period for Greencore following the acquisition and integration of Peacock Foods in the US. Against a backdrop of considerable change across the Group, we are pleased to be reporting strong revenue and profit growth for the first half of the year. "
It also showed a continued strong growth in Food to Go in the UK driven by its ‘sole supply’ customer partnership model, with revenue up 19.7% on a pro forma basis in the period.
Conveney said, "In the UK, we have delivered significant expansion and investment following recent new long-term business wins, as our Food to Go business continues to grow rapidly."
Good progress with the integration, customer launches and commercial pipeline development in the combined US business.
The Dublin headquartered group said that the addition of Peacock Foods has transformed its market and channel position in the US and has given it a growth platform of real scale.
"The enhanced capabilities, product offerings, and customer relationships that have been added to the Group in a short space of time, combined with the strength of our underlying business, mean that we are confident of making further progress in FY17 and beyond.” Conveney added.
© 2017 - Checkout Magazine by Donna Ahern