FDBusiness.com

Transformational Period For Greencore

 Breaking News
  • Vion Names New CEO Vion, the international meat group, has appointed Ronald Lotgerink as its new CEO with effect from 1 September. Ronald Lotgerink is currently the CEO of Zwanenberg Food Group, a leading European producer and exporter of meat products, canned meat, snacks, soups and sauces. Ronald Lotgerink started his career at KPMG. In 1989 he joined Zwanenberg Food [...]...
  • Harrogate Water Reports Record Sales Harrogate Water has announced another year of record sales with growth of 24 per cent – almost four times higher than market growth for bottled water. The company has seen increased sales in the high-volume supermarket sector, continued strong growth in export and travel markets and greater demand for premium glass products in both grocery [...]...
  • Alcohol Worth £16 Billion is UK’s Leading FMCG Category Innovation in the drinks sector and a reduction in the amount of trade promotions has seen Alcohol retain its place as the top selling FMCG category in the UK, worth £16.1 billion (€18.2 billion) in value sales to the economy. This is according to big data and technology expert for consumer industries, IRI’s Top Categories Special Report – an analysis [...]...
  • Irish Grocery Market Fends Off the Beast from the East The latest grocery market share figures from Kantar Worldpanel, published today for the 12 weeks ending 25 March 2018, show that the Irish grocery market brushed off the Beast from the East to post strong sales growth of 3.8%. Douglas Faughnan, consumer insight director at Kantar Worldpanel, comments: “Although shoppers had upped their spend in preparation for [...]...
  • TrayTrack – A Unique Inline Overhead Concept For Optimum Tray Logistics Once trays have been filled with product, poultry processors will often be faced with how to transport them to packaging equipment elsewhere in the plant. This job can be done manually using crates. Alternatively, product can be transported on a complex system of belt conveyors, usually criss-crossing other similar systems. TrayTrack, a unique automated solution [...]...

Transformational Period For Greencore

Transformational Period For Greencore
May 24
10:28 2017

Greencore Group, a leading manufacturer of convenience food in the UK and US, has reported a 46.1% increase in revenue to £1.01 billion for the 26 weeks ended 31 March 2017, reflecting the impact of acquisitions and strong underlying growth, particularly in the UK. Group EBITDA rose by 31.2% to £79.1 million while operating profit grew by 27.1% to £55.3 million. Group operating margin decreased by 80 basis points, due largely to the impact of the phasing of significant commercial launches in the UK.

Headquartered in Dublin, Greencore employs 16,000 people in 30 manufacturing facilities across the UK and the US. On average, it manufactures around 1.5 billion sandwiches and 140 million ready meals every year.

In December 2016, Greencore completed the acquisition of Peacock Foods, which has transformed its market and channel position in the US and created a strong platform for long‐term profitable growth. Following the acquisition of Peacock Foods, Greencore has simplified its reporting structure. The group now has two separate reporting segments – Convenience Foods UK & Ireland and Convenience Foods US.

Convenience Foods UK & Ireland incorporates Food to Go (ie sandwiches, sushi and salads), and other UK & Ireland businesses including Prepared Meals (ie ready meals, quiche, soups and sauces), the Grocery set of businesses (ie cooking sauces, Yorkshire Puddings, cakes and desserts) and the edible oils and molasses trading businesses (formerly known as the Ingredients & Property Division).

Convenience Foods US encompasses Greencore’s existing US business and the acquired Peacock Foods business (ie a wide range of fresh, frozen and ambient convenience food products – including sandwiches, meal kits and salads kits – and a customer base including CPG companies as well as convenience retail and food service leaders).

Patrick Coveney, chief executive of Greencore.

In the first half, Convenience Foods UK & Ireland generated revenue of £685.7 million, up 16.1% as reported and up 10.6% on a pro forma basis. Convenience Foods US achieved revenue of £324.6 million, up 220.8% as reported and up 2.5% on a pro forma basis.

Patrick Coveney, chief executive of Greencore, comments: “This has been a transformational period for Greencore following the acquisition and integration of Peacock Foods in the US. Against a backdrop of considerable change across the group, we are pleased to be reporting strong revenue and profit growth for the first half of the year. In the UK, we have delivered significant expansion and investment following recent new long-term business wins, as our Food to Go business continues to grow rapidly.”

He continues: “In the US, the addition of Peacock Foods has transformed our market and channel position and has given us a growth platform of real scale. The enhanced capabilities, product offerings, and customer relationships that have been added to the Group in a short space of time, combined with the strength of our underlying business, mean that we are confident of making further progress in FY17 and beyond.”

About Author

mike

mike

Related Articles



Food & Drink Business Conference & Exhibition 2016

Upcoming Events

  • April 22, 2018Natural & Organic Products 
  • April 24, 2018Scandinavian Wine Expo
  • April 24, 2018Seafood Processing Global
  • April 24, 2018InterFood Krasnodar
AEC v1.0.4

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber





Subscribe Here



Advertisements