Convenience sales boost Greencore Q3 revenue

28 July, 2015
Greencore

Greencore sees good revenue growth

Greencore Group, the convenience foods manufacturer, has seen revenue rise 6.2% in its third quarter following increased convenience sales and strong US growth. 

The group reported revenues of £346.5m in the 13 weeks to 26 June 2015 – an increase of 6.2% on the prior year on both a reported and a like-for-like (LFL) basis.

This figure excludes revenue from Ministry of Cake, which was sold in May 2014.

The convenience foods division reported revenue of £331.9m – 6.9% higher than the prior year and on a reported basis and up 6.3% on an LFL basis.

In the UK, LFL revenue was 4% higher than in the prior year. The food-to-go business continued to experience good growth led principally by the addition of new product lines in the Northampton facility.

Elsewhere in the UK, revenue performance was more subdued.

In the 39 weeks to 26 June 2015, Greencore recorded revenue of £986.3m, 4.2% ahead of the prior year on a reported basis and 4.7% ahead on an LFL basis. Year-to-date revenue in the convenience foods division was £946.6m, 5.4% higher than the prior year on both a reported and an LFL basis.

A statement said: “The core UK grocery retail market remains challenging, with high levels of change. The combination of modest deflation in ingredients and packaging costs, together with price investment by grocery retailers, has resulted in value growth lagging behind volume in a number of our product markets.”





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