Business

Tuesday 28 February 2017

Greencore tips 'modest' Brexit impact as revenue rises 4pc

Michael Cogley

Michael Cogley

Patrick Coveney, Group CEO, Greencore Group
Patrick Coveney, Group CEO, Greencore Group

Irish food firm Greencore is expecting Brexit to have a modest impact on its business but does not expect any effect this financial year.

The company said that its forward-purchase agreements means it will be protected from currency volatility. However, should sterling remain low in the long-term net debt at the end of the year will be higher than expected.

Revenue at the company over the last three months increased by 4pc to £360.4m with group income rising to £1.05bn in the year to date.

The majority of the quarterly revenue stemmed from its convenience foods division where income over the last three months neared £350m.

Greencore continues to outperform the market in the UK where growth was driven in its food to go business.

Turnover in the US also jumped 4.1pc in the period as it performed in line with expectations.

"The group continues to deliver good revenue growth while managing significant levels of change associated with the major capacity and capability investment programmes.  We remain confident in our ability to deliver performance in line with market expectations," the company said in a statement.

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