Sunday 11 December 2016

Coveney's Greencore sees revenue and operating profits jump

Published 17/05/2016 | 07:13

Greencore CEO Patrick Coveney Photo: Peter Houlihan
Greencore CEO Patrick Coveney Photo: Peter Houlihan

Convenience food company Greencore, led by Patrick Coveney, posted an 8.1pc increase in reported revenue in the first half of its financial year, to £691.6m.

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The company's operating profit rose 8.5pc to £45.3m.

Mr Coveney, brother of Housing Minister Simon Coveney, said the results were strong.

"Our strategy of focusing on the UK and US food-to-go markets is working well and we are continuing to invest in capacity and capability initiatives to support the substantial future growth pipeline. We are confident of further progress," he said.

The company said its business had continued to grow in the UK despite a fiercely competitive retail sector, with all three UK divisions growing profit and revenue.

"The UK backdrop is expected to remain uncertain given the changing nature of the grocery industry and other potential economic headwinds.  Notwithstanding these investments and uncertainties, we remain confident in our ability to deliver performance in line with market expectations," the company said.

It announced an interim dividend of 2.55p per share, a 6.25pc jump on last year.

Greencore's new factory in Rhode Island is now fully operational and a facility in Seattle is near completion. The US business made a loss in the first half due to costs associated with Rhode Island, Greencore said.

It said would commission new production capacity at several sites, and that it had a strong pipeline of growth opportunites.

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