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Greencore Posts Full Year Sales Increase of 7.4%

Convenience foods group Greencore has posted an impressive set of results for FY 2013/14, with the business seeing its sales grow by 7.4% on a like-for-like basis to £1.27 billion (€1.61 billion).

Greencore announced its full year results to 26 September 2014 this morning.

Its Convenience Foods business accounted for the lion's share of revenue, with sales of £1.21 billion, up 8.4% on a like-for-like basis. Group operating profit was up 11.4% to £82.9 million.

'During FY14, like for like revenue growth in our food to go businesses was outstanding, exceeding 15%,' the group said in a statement. 'We also continued to lay the foundations for future growth by commencing a significant capacity investment programme in both the UK and US to enable us to service known customer initiatives.

'In the UK, this programme includes a £30m capacity investment in the Northampton food to go facility to facilitate a new business win and to service committed growth initiatives with that customer.'

It said that the coming year will see a 'significant step up in capital expenditure on capacity, productivity and capability initiatives', adding that it enters the new year with 'good momentum'.

Its Ingredients & Property division, which includes the former sugar sites at Mallow and Carlow, posted revenue of £60.1 million, a decline of 9.7% at constant currency rates. The business accounts for around 5% of group revenues.  

© 2014 - Checkout Magazine by Stephen Wynne-Jones

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