Saturday 1 October 2016

Greencore reports first quarter revenue of over €450m

Paul O'Donoghue

Published 26/01/2016 | 07:26

Greencore's Chief Executive Patrick Coveney. Photo: Frank Mc Grath
Greencore's Chief Executive Patrick Coveney. Photo: Frank Mc Grath

Irish food giant Greencore has reported revenue of £356m (€466m) in the 13 weeks to 25 December 2015, the first quarter of the company's fiscal year.

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In a trading update issued this morning ahead of its annual general meeting later today the firm said its convenience foods division recorded revenue of £345.1m during the period, 7.7pc higher than the prior year on a reported basis and up 7pc in constant currency.

In the UK, revenue was 7.9pc higher than in the prior year. Greencore said that while the overall UK grocery retail market "remains challenging", the company's core chilled categories "continue to perform well". 

"Our strong growth was driven by the annualisation of prior year business wins together with the impact of new product launches," it said.

In the US, reported revenue was 6.5pc higher than in the prior year and 1.3pc higher in constant currency.

The ingredients and property division, which represents less than 5pc of group activity, recorded revenues of £10.9m in the quarter, £700,000 or 6pc lower on a reported basis and 3.4pc higher on a constant currency basis.

Greencore said: "The business has had a good start to the year and our major investments in capacity and capability enhancement are proceeding to plan.

"We remain confident in our ability to deliver performance in line with market expectations."

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