Convenience group Greencore has issued its half-year financial report, and it shows revenue of £640 million, an increase of 3.2% on the same time last year. This despite high levels of change in its core UK grocery retail market.
Its operating profit rose by just under 8% to £40.1m while pre-tax profits for the period rose to £26.3m from £8m the same time last year. In those six months, Greencore has completed the extension of its Northampton facility, introduced new products from Jacksonville in the US and seen its new Rhode Island facility begin shipping.
The company's Convenience Foods division saw revenues increase by 6.4% to £615 million while operating profits rose by 9.5% to £39.3m. Its sandwich category grew by 4.9% while the broader food to go market, which includes sandwiches, snack salads, and sushi, grew by 6%.
The introduction of new breakfast sandwich products with a key client saw revenues in its US Convenience Foods division rise by over 30%.
Patrick Coveney, Greencore’s CEO, commented on the report, “The Group delivered good financial and strategic progress in the first half of the year. Our strategy of deepening our leadership, capability, capacity footprint and customer partnerships in the UK and US food to go markets continues to deliver growth, with like for like revenue in that part of our business up 8.7%.
“The Group has stepped up its capital investment programme in new sites, which will provide a solid platform for growth in the months and years ahead. We carry good momentum into the second half and remain confident in our ability to deliver adjusted EPS growth for the year in line with market expectations."
© 2015 - Checkout Magazine by Niall Swan
