Greencore H1 revenue up almost 50%

Greencore has reported a 49.9% growth in revenue to £567.7m in its first half-year results for 2012 due to the acquisition of Uniq.

The Irish producer of convenience foods announced its unaudited interim results for the 26 weeks ended 30 March 2012, highlighting a 37.6% rise in operating profit within its convenience foods division on H1 2011, totalling £30.7m.

The firm said its acquisition of Uniq last September, which manufactures Cadbury-branded chilled desserts, contributed to its increase in revenue in H1 2012.

Patrick Coveney, chief executive officer of Greencore, said: “Our business has performed strongly in the first half of 2012. The acquisition of Uniq last year has reshaped our group and we are on track to deliver all of the targeted integration benefits.

“Group revenues are up 50% on last year with like-for-like revenues ahead by almost 10%. When combined with good underlying margin performance across the enlarged group and the reduction in our effective tax rate, we have delivered an increase in group adjusted earnings of 75% and adjusted EPS up almost 20%. 

“Furthermore, we have continued to reshape our portfolio, in particular in the US with the acquisition of MarketFare Foods in April. This acquisition represents the next step in building a business of real scale in the US and strengthens our position in the food-to-go/convenience store channel.”

Greencore’s cakes and desserts business delivered strong revenue growth of 12.7%, while its ingredients and property division represented around 6% of group revenue in the period.

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