Saturday 1 October 2016

Greencore full-year operating profit jumps 10.6pc to £91.7m

Published 24/11/2015 | 07:18

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

Food-to-go company Greencore has posted a 10.6 jump in full-year operating profit, to £91.7m.

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The business, run by Patrick Coveney, posted a 5.2pc jump in revenue, taking in £1.34bn.

Mr Coveney said the company would invest a further £12m in its Northampton manufacturing facility to drive customer growth.

"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," he said.

"We delivered 6pc like for like revenue growth in convenience foods, 11pc 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."

Davy analyst Cathal Kenny said that "at a time of subdued growth for many food manufacturers, Greencore’s revenue and profit development is a standout."

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