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Greencore Posts Pro-Forma Revenue Increase In First Quarter

Published on Jan 29 2019 9:38 AM

Greencore Posts Pro-Forma Revenue Increase In First Quarter

Greencore Group plc today announced that its pro-forma revenue increased by 5.8% in the first financial quarter, 'driven in particular' by growth in food to go categories.

The group achieved revenue from continuing operations of £363.5 million (€417.5 million) in quarter one, according to its trading update, covering the 13 weeks to 28 December 2018.

The manufacturer of convenience foods outlined in a statement that overall, the group performed well against its organisational, commercial, operational and financial objectives in what were continued challenging trading conditions.

Revenue in the rest of the Group’s continuing operations increased by 4.7% on a pro forma basis in Q1, but decreased by 21.2% on a reported basis.

Outlook

Looking ahead the group said that it has has made an encouraging start to the year.

It reaffirms the outlook statement for continuing operations in the current financial year that was included in the FY18 results statement on 4 December 2018, it outlined in a statement.

Although the group believes the risks from Brexit are manageable in the medium-term, the near-term challenges associated with a ‘no withdrawal agreement’ are uncertain.

Sale Of US Business

On the 25 of November, 2018 Greencore said that it completed the sale of its entire US business.

Its performance in FY19 will be presented as discontinued operations, the group highlighted.

Reported revenue in discontinued operations was £172.8 million in the period of ownership.

© 2019 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click subscribe to sign up for the Checkout print edition. 

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