SHARES in Greencore rose sharply this morning after the company reported a strong set of annual results.
For the year to the end of September, the ready meals maker reported a profit of £35m on turnover of £1.16bn. Growth was driven by its acquisition last year of the sandwich and desserts maker Uniq, which boosted revenues by about 45pc.
Company chief executive Patrick Coveney said 2012 had been a “breakthrough year” for his company.
“The acquisition of Uniq has reshaped the performance, scale, capability and long-term prospects of our Group, with all elements of the targeted benefits now delivered. More broadly, our strategy, enlarged portfolio and team are working well as we continue to build out industry leading convenience food businesses in the UK and increasingly in the US.
“The Group delivered revenue growth, with like-for-like Convenience Foods revenues up 7.4pc despite challenging market conditions.
“Despite increasingly challenging consumer conditions, little industry growth, and increasing levels of retailer competition, Greencore remains well positioned to deliver further progress in FY13 and beyond,” he added.
By noon, shares in the company were up 3.3pc at 93.5 pence.