Greencore reaps benefits of food to go

Food to go has continued to drive sales for manufacturer Greencore Group’s convenience division.

The company recorded a 4% rise in overall revenue for its third quarter (Q3) to 24 June 2016, up 3.1% in constant currency. For the year to date the group reported revenue of £1,052m, 6.7% ahead of the prior year period.

The firm’s convenience food division enjoyed revenue growth of 5.4% to £349.8m, up 4.6% on a constant currency basis. In the UK Q3 revenue was up 5.7% and increased 6.7% on a year-to-date basis.

Greencore said: “The food to go business is benefiting both from new business wins reported in the year and the impact of new product launches. Commissioning of new sandwich capacity in Northampton has progressed in line with plans. The business is also well advanced in adding new production lines at its other UK sandwich facilities to enable the roll-out of new business wins.”

The company’s ingredients and property division, which now represents less than 5% of group activity recorded revenues of £10.5m in Q3, £4.1m or 28.1% lower on a reported basis and 32.9% lower on a constant currency basis.

Yesterday (25 June) the company announced the acquisition of The Sandwich Factory Holdings Limited from Cranswick for a total consideration of up to £15m. The purchase will extend Greencore’s UK food-to-go channel presence and bring new capabilities to the group. 

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