Revenue at Greencore topped £640.5 million (€726 Million) in the 13 weeks to 29 December 2017, an increase of 53.6% on a reported basis.
According to its Quarter 1 (Q ) 2018 trading report which it released today (30 January) its pro forma revenue grew by 7.2% in the quarter.
Convenience Foods UK & Ireland
The leading manufacturer of convenience foods in the UK and US, posted strong growth within the Convenience Foods sector in the UK & Ireland.
The division reported Q1 revenue growth of 9.2% to £385.4 million.
It also outlined that its pro forma revenue grew by 8.7% in the quarter.
Food To Go
In a statement, the group reported that its strong growth momentum was again driven by the Food to Go business, where reported revenue grew by 12.2% and pro forma revenue grew by 11.4%.
This reflects both positive growth in the underlying market as well as the incremental impact of the previously announced business wins with several of the Group’s largest customers.
Reported revenue in the other parts of the Convenience Foods UK & Ireland division grew by 5.7% in Q1, and by 5.5% on a pro forma basis.
Cakes And Desserts
The comany said that it has also reached an agreement to sell its cakes and desserts business in Hull.
This sale, together with the previously announced closure of our desserts facility in Evercreech, marks Greencore’s exit from the UK cakes and desserts sector.
The impact of this disposal on Group Adjusted Earnings is neutral, although the Group will take a one-off, largely non cash, charge of approximately £15 million to the income statement in its FY18 interim results according to the statement.
Looking Ahead
The key remaining project, which is the refurbishment and extension of the Group’s largest ready meal facility in Warrington, 'is progressing well and will be completed in the first half of this year'.
Greencore anticipates delivering a year of strong growth in FY18 and is well positioned to drive improved profitability, cash flow and returns over the medium term.
© 2018 - Checkout Magazine by Donna Ahern
