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Irish food group Greencore reports strong Q1 growth of 17pc

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Patrick Coveney Picture: Gary O' Neill

Patrick Coveney Picture: Gary O' Neill

Patrick Coveney Picture: Gary O' Neill

Greencore intends to make no changes to its full year forecasts as the Irish convenience food group reports first quarter growth of 17.1pc in comparison with the previous year.

In the weeks to December 30 last year, the company recorded revenue of $417m, up by 9.1pc in the quarter on a like-for-like (constant currency) basis.

In the UK, revenue was up 13.9pc in this quarter - excluding the revenue from The Sandwich Factory acquisition) - driven principally by strong growth in the company's Food to Go business. The convenience foods division recorded Q1 revenue of £401.6m, a rise of 16.4pc on the previous year.

Meanwhile, in the US, the acquisition of Peacock Foods was completed on December 30 and Greencore said trading in the business was in line with expectations upon completion. Revenue was up 31.2pc, driven largely by the addition of operations in Seattle.

Separately, Greencore has appointed Thomas Sampson as non-executive director - to come into effect on Wednesday, February 1.

With 30 years in sales, marketing and general management experience, Tom served as CEO of Peacock Foods from 2013 to 2016.

Chairman Mr. Gary Kennedy welcomed Mr Sampson to the Board.

"Tom brings a wealth of insight and relationships to the Group along with a deep US operating knowledge which will be invaluable as we enter the next phase of the Group’s development,” he said.

Online Editors