Greencore reports revenue growth and year expectations

Greencore Group has recorded revenue of £310.5m from its convenience food division, 8.7% higher than the prior year on a reported basis.

Convenience sales were up 9.3% on a like-for-like basis, according to an interim statement, reporting on the third quarter (13 weeks ending 27 June).

The Greencore Group reported that it had seen “continued good revenue growth - on track to deliver adjusted earnings per share (EPS) in line with expectations”.

According to the statement, the grocery market remained challenging, but the food-to-go market was “buoyant”, owing partly to growth in small store formats. The company hailed “activity with several key customers” as the reason the Greencore Group outperformed in the food-to-go market.

The group sold its foodservice desserts business, Ministry of Cake, last May for an upfront cash consideration of £8m and deferred consideration of up to £3m. It is still a major producer of celebration cakes, as part of its grocery sector. 

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