Revenues on the rise at Greencore

Business, Finance | Tue 24 Nov | Author – Business & Finance
Greencore Food to Go

Irish-based convenience food company, Greencore, has reported a 13.5% increase in profits for the year to September.

The Group reported revenue of £1,340.3m, up 5.2%, and a Group operating profit up 10.6% to £91.7m

The company’s strong momentum and investment behind its food-to-go strategy in the UK and US has resulted in 10.4% like for like revenue growth, well ahead of market performance.

The phase one extension of Greencore’s Northampton facility in the UK is now completed and the second phase well underway. The company also recently announced the roll out of a new product range from the extended Jacksonville facility in the US, as well as new facilities in Rhode Island and Seattle.

Commenting on the results, Patrick Coveney, CEO, Greencore, said: “Greencore has had another strong year and our clear food to go led strategy has continued to drive growth in both the UK and US markets. We delivered 6% like for like revenue growth in Convenience Foods, 11% Group operating profit growth and our fifth consecutive year of double-digit growth in adjusted EPS. We increased our investment in major capacity and capability improvement projects during the year, in each case underpinned by long-term customer relationships. Our strategy, momentum and pipeline of opportunities leave us well placed to deliver further progress in FY16 and beyond.”