Friday 15 December 2017

Food group Greencore celebrates solid revenue increase of 3pc

Greencore's Chief Executive Patrick Coveney
Greencore's Chief Executive Patrick Coveney
Louise Kelly

Louise Kelly

Dublin-based firm Greencore has reported group revenue of just under £1.2bn for 2013, a rise 3pc on the previous year.

Overall revenues for the year end were forecast to be down almost 2pc as a result of sluggish demand for ‘ready’ meals.

Operating profit for the company was up 8pc to £76.5m year-on-year, according to the firm.

Adjusted earnings per share also experienced strong growth with a jump of over 13pc to 14.5 pence.

Commenting on the results, Patrick Coveney, Chief Executive Officer, said that Greencore “had a good year in 2013”, with clear commercial, strategic and organisational progress delivered across the Group. “It’s been a tough year for us in many ways,” he said.

“We didn’t get revenue growth early in the year but during the summer, we saw revenues build pretty strongly.

The impact of horsemeat scandal cost us up to about £15m in revenue. But the rest of our portfolio kicked in and performed strongly.”

“We consolidated our portfolio after the extensive deal activity of the three preceding years, increased revenue at our US business by over 60pc and realigned our resources behind a food to go led strategy.”

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