Greencore reports on positive financial year

26 November, 2013

Convenience food producer Greencore has reported an increase in group operating profits of 8.1% to £76.5m, following consolidation of its activities.

Group operating revenue rose 3% to £1.19bn for the year ended 27 September 2013, while like-for-like revenue in the UK improved in the fourth quarter to achieve growth for the year of 0.2%.

Among its operational highlights was the integration of Uniq, which was completed with the restructuring of its desserts business, and the disposal of its chilled desserts facility in Minsterley, it said.

It also completed the integration in its US business, with the roll-out of a food-to-go range to Starbucks USA from four of its six facilities.

Greencore’s Cakes and Desserts business experienced a drop in sales for celebration cakes of 1.3% over the year, while the total desserts market saw a 2.1% drop.

Within its UK food-to-go arm, both sandwiches and the broader chilled food-to-go market (sandwiches, sushi, snacks and salads) saw good growth over the year, with increases of 5.1% and 5.6% respectively. 

Patrick Coveney, chief executive, said: “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.

“All this was achieved despite a weak UK consumer environment, limited growth in retail food markets, persistent input cost inflation and the negative impact of the horsemeat scandal.”





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