Greencore Group Makes Good Progress in First Half

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Greencore Group Makes Good Progress in First Half

Greencore Group Makes Good Progress in First Half
May 22
11:38 2015

Greencore Group, the UK, Irish and international convenience food business, has increased revenue by 3.2% to £639.8 million for the 26 weeks ended 27 March 2015, with operating profit up by 7.8% to £40.1 million versus the first half of 2014 driven by the increase in revenue, continued operational improvements and focus on cost control. Group operating margin improved by 30 bps to 6.3%.

Greencore’s strategy is to be a fast growing international convenience food leader. The group is focused on deepening its leadership of the food to go segments in the UK and US as this is where it sees the most favourable long-term consumer and channel trends, coupled with attractive economic returns.

GreencoreFoodToGoProductionAccordingly, Greencore has significantly increased capital investment to support growth in food to go in both the UK and US markets. During the first half of 2015, an extension of the sandwich facility in Northampton was successfully commissioned and good progress has been made on the construction of a new production facility adjacent to the existing site which is due to open in spring 2016. In the US, Greencore made further progress in scaling up production at its Jacksonville facility which was extended in 2014. In late March, Greencore completed the construction of a new facility in Rhode Island.

“The group delivered good financial and strategic progress in the first half of the year,” says Patrick Coveney, chief executive of Greencore. “Our strategy of deepening our leadership, capability, capacity footprint and customer partnerships in the UK and US food to go markets continues to deliver growth, with like for like revenue in that part of our business up 8.7%. The group has stepped up its capital investment programme in new sites, which will provide a solid platform for growth in the months and years ahead. We carry good momentum into the second half and remain confident in our ability to deliver adjusted EPS growth for the year in line with market expectations.”

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