Convenience sector boost Greencore profits

Sandwich-maker Greencore has seen profits soar as its convenience food sector booms, despite a challenging market.

The business saw operating profit up 7.8% to £40.1m in its half-year results, while the convenience sector jumped 9.5% to £39.3m.

It said the firm had continued to trade well as the UK grocery retail environment remained difficult with “profound changes taking place amongst customers”.

During the period, the firm completed its phase 1 extension of the Northampton facility, and said the second phase was well under way.

Commenting on the results, Patrick Coveney, chief executive officer, said: "Our strategy of deepening our leadership, capability, capacity footprint and customer partnerships in the UK and US food-to-go markets continues to deliver growth, with like-for-like revenue in that part of our business up 8.7%. 

“The group has stepped up its capital investment programme in new sites, which will provide a solid platform for growth in the months and years ahead. We carry good momentum into the second half and remain confident in our ability to deliver adjusted EPS growth for the year, in line with market expectations.”

Greencore produces food to go, chilled prepared meals, chilled soups and sauces, cakes and desserts and Yorkshire Puddings. 

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