Strong Performance In The UK & Ireland Sees Greencore's Revenue Rise
Dublin-based food group Greencore has reported a 0.5% increase in revenue, on a reported basis, to £639.6 million in the third quarter of 2018 compared to the same period last year.
The group recorded a strong performance in its Convenience Foods UK & Ireland division, which helped it record an 8.1% increase in pro forma revenue in the third quarter.
UK & Ireland
The UK & Ireland business saw a 1.4% increase in revenue on a reported basis and a 7.8% jump on a pro forma basis to £375.9 million. The group said its sales were boosted by an improved performance in its food to go network.
Growth was ‘primarily driven by an increased revenue contribution from the distribution of third-party products through our Direct to Store network’, Greencore said in a statement.
The group added that reported revenue in other divisions decreased by 12.8%, however, this was due to the disposal of its cakes and desserts business.
In the US, Greencore saw its third-quarter revenue drop by 0.8% to £263.7 million on a reported basis but saw an 8.6% increase on a pro forma basis.
The strong pro forma growth was driven by the former Peackock Foods business which saw double-digit sales growth.
The group said that new business development in the US is continuing to progress well, with the third quarter seeing a number of new product launches.
In the year-to-date, Greencore recorded revenue of £1.88 billion, an increase of 14.0% on the prior year on a reported basis, and an 8.0% increase on a pro forma basis.
In addition to posting its results, Greencore announced that it has strengthened its US leadership team with the appointment of Anton Vincent as CEO of Greencore USA this month.
He has more than 20 years’ experience as a senior executive at General Mills, most recently as President of the Snacks Division.
In the UK, Peter Haden, currently the COO, has been appointed as the CEO of Greencore UK, which will take effect this October.
© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.