FDBusiness.com

Greencore’s Strong Interim Performance Driven by Food to Go Businesses

 Breaking News
  • UK Grocery Prices Rising at Fastest Rate in Four Years The latest grocery market share figures from Kantar Worldpanel, for the 12 weeks to 5 November 2017, show UK supermarket sales have increased in value by 3.2% year-on-year in the run up to Christmas. Fraser McKevitt, head of retail and consumer insight at Kantar Worldpanel, explains: “Volume sales have increased by less than 1%, meaning it’s [...]...
  • Alcohol Minimum Unit Pricing to Go Ahead in Scotland The UK Supreme Court has ruled that minimum unit pricing for alcohol, which was passed overwhelmingly by the Scottish Parliament in 2012, can now proceed. Scottish Health Secretary Shona Robison has welcomed the decision and confirmed she intends to make a statement to Parliament shortly, setting out the Scottish Government’s next steps. Following the unequivocal backing [...]...
  • GEA Brings Together Technologies to Supply Extended Production Line For BMI GEA has recently been selected to supply an extended pasta filata cheese production line for BMI in Jessen, Germany. With this exemplary project GEA brings together its joint cheese-making expertise, resulting from its acquisition of de Klokslag and CMT in 2014 and 2015 respectively, with GEA’s flow and processing experience to provide a single offering for this [...]...
  • Bosch Packaging Technology Wins German Design Award 2018 The Sigpack VPF (Vertical Platform for Flat Pouches), the first freely scalable flat pouch machine from Bosch, has been honoured with the German Design Award 2018 in the Excellent Product Design category. The German Design Council presents the prestigious award on an annual basis. The German Design Award is the second prestigious accolade for the [...]...
  • Premier Foods Returns to Revenue Growth Premier Foods, the UK convenience food group, has reported group revenue of £353.3 million for the 26 weeks ended 30 September 2017 – an increase of 1.5% on the prior period – with Branded revenue in line with last year at £295.4 million while Non-branded revenue increased by 10.1% to £57.9 million. Group reported half year [...]...

Greencore’s Strong Interim Performance Driven by Food to Go Businesses

Greencore’s Strong Interim Performance Driven by Food to Go Businesses
May 22
14:18 2014

Greencore Group, the leading Irish and UK convenience food producer, has reported an 8.2% increase in revenue to £619.8 million for the 26 weeks ended 28 March 2014 with operating profit up 14% to £37.2 million compared to the corresponding period in 2013. Operating margin at 6.0% was 30 basis points higher than in the first half of 2013.

Greencore’s UK and US food to go businesses combined delivered excellent like for like revenue growth in the half of 18.9%. In addition, both the UK Prepared Meals and Grocery businesses have delivered steady performances during the period against the backdrop of extremely competitive grocery market conditions.

In the UK, Greencore’s food to go business has maintained the strong revenue momentum seen in the last quarter of 2013. Greencore is now planning a multi-year investment of £30 million in its Northampton facility to service a new business award in the chilled sandwich category and to underpin specific future growth opportunities with the same customer.

Patrick Coveney, chief executive of Greencore.

In the US, following the commencement of supply to a major new customer in the 2013 financial year, Greencore has announced three further developments during the first half of 2014. It has acquired Lettieri’s, a leading manufacturer of frozen food to go products for the convenience channel, and is investing approximately £6 million in its Jacksonville facility to manufacture frozen food to go products supporting a key customer. Greencore is also constructing agreenfield sandwich manufacturing facility in Rhode Island for £20 million which will facilitate the closure of existing leased sites in Newburyport and Brockton, Massachusetts.

Patrick Coveney, chief executive of Greencore, comments: “The business delivered a strong first half performance, driving 18.6% EPS growth. Our strategy of focusing on the food to go market is working well in both the UK and the US. Over the past six months we have stepped up our strategic investments in Minneapolis, Jacksonville, Rhode Island and Northampton to support confirmed new business with several large customers. These investments, as well as the strong trading momentum that we are seeing across our group, have left us well positioned for further growth in the months and years ahead.”

About Author

mike

mike

Related Articles



Food & Drink Business Conference & Exhibition 2016

Upcoming Events

  • November 28, 2017Fi Europe
  • December 4, 2017Plastics and Paper in Contact with Foodstuffs 2017
  • January 8, 2018RAI Exhibition
  • January 16, 2018Sival Plant Production Trade Show
AEC v1.0.4

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber





Subscribe Here



Advertisements