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Greencore Posts 3% Rise In Group Revenue In FY 2013

Greencore has reported a 3% increase in Group revenue for its 2013 financial year, to £1.197 billion, according to accounts published this morning.

The company saw its operating profit for the year to 27 September 2013 rise 8.1% to £76.5 million, while operating margin was up to 6.4% a rise of 30 basis points.

Revenue from Greencore's Convenience Foods division rose 3.5% to £1.13 billion, following the full integration of the Uniq business and disposal of the Minsterley facility. the company noted that its US integrations are now completed, and it has rolled out a new food-to-go range with Starbucks USA.

Greencore had a good year in 2013, with clear commercial, strategic and organisational progress delivered across the Group," said Patrick Coveney, Greencore chief executive. "We consolidated our portfolio after the extensive deal activity of the three preceding years, increased revenue at our US business by over 60% and realigned our resources behind a food to go led strategy."

It noted that its performance in the UK 'proved challenging, with lower market growth in chilled food than in previous years, and this was exacerbated by the impact of the horsemeat scandal on demand in the chilled ready meals market.'

"Despite these challenges, we grew revenues, strengthened margins and delivered double digit growth in adjusted EPS," said Coveney. "We enter the new financial year with good momentum in our businesses. We remain well positioned to deliver further progress in FY14 and beyond.”

© 2013 - Checkout Magazine by Stephen Wynne-Jones 

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