FDBusiness.com

Transformational Year For Greencore

 Breaking News
  • Millenials Adopt a Fouth Meal Culture There has been a 14% average annual growth in food and beverage launches with a snacking claim (Global, CAGR 2014- 2018), according to Innova Market Insights. For most consumers, snacking is a part of daily life and always has been. What is changing is the way people think about snacking and what is considered to [...]...
  • European Commission Proposal to Support Irish Beef Producers Impacted by Market Uncertainty EU Member States have agreed to a proposal from the European Commission to make €50 million available to Irish beef farmers, which can be matched by national funds to reach a maximum of €100 million. The establishment of the fund reflects the European Commission recognition of the particular challenges facing the Irish beef and veal [...]...
  • Givaudan Opens New Flagship Innovation Centre in Switzerland Givaudan, the global leader in flavours and fragrances, has officially inaugurated its new flagship Innovation Centre in Kemptthal, Switzerland, aimed to accelerate its global efforts in creating differentiated and sustainable flavour, taste and fragrance solutions for the food and beverage and beauty, personal and home care industries. The SFr120 million centre, Givaudan’s largest investment in research [...]...
  • Brits Get a Taste For Cocktails Nine million consumers are enjoying cocktails when they go out, making this one of Britain’s fastest growing drinks categories within spirits, according to exclusive new research by out of home food and drink expert CGA. The popularity of cocktails, and the fact they are more widely available, has helped boost sales through Britain’s pubs, bars [...]...
  • New Artificial Intelligence Tool Predicts How Much Milk 1.5 Million Cows Will Produce Arla Foods has developed a new artificial intelligence tool to better predict their milk intake from farmer-owners. This means that 200 million kilos of milk can now be utilised better each year making Arla’s value chain even more sustainable. Every year, Arla collects around 13 billion kilos of milk from their 10,300 farmer-owners across Northern Europe. [...]...

Transformational Year For Greencore

Transformational Year For Greencore
November 29
10:05 2017

Benefiting from its acquisition of Peacock Foods in the US, Greencore, the UK and international manufacturer of convenience foods, has reported a 56.5% increase in revenue to £2.319 billion and a 37.4% rise in adjusted operating profit to £140.1 million for the year ended 29 September 2017, versus the 2016 financial year. Group pro forma revenue growth was 9.4%.

Adjusted operating margin was 6.0%, 90 basis points below the prior year, primarily due to the impact of the acquisition of Peacock Foods and the significant commercial investments in the UK. Peacock Foods represents Greencore’s largest ever acquisition, which was funded in part through a rights issue.

During the year, Greencore successfully enhanced its leadership position in the UK through strong organic growth, supported by a substantial investment and a rigorous cost control programme. The group strengthened its standing in the food to go category with several significant business wins and commercial launches, as well as extending contracts with core customers. Greencore has now completed a phase of network investment in Food to Go, and added further capacity through the acquisition of a facility at Heathrow. The group has also invested in its UK ready meals network, while rationalising its UK portfolio with the planned exit from the desserts manufacturing business in Evercreech. Greencore has also begun a process of streamlining its UK organisation to help underpin overall performance in the medium term.

Patrick Coveney, chief executive of Greencore.

“Greencore has been substantially transformed this year and the decisions made and work undertaken in FY17 have set us up very well for further progress,” says Patrick Coveney, chief executive of Greencore. “The acquisition of Peacock Foods and the significant UK network investments made to support large new business wins have reshaped our business. Group pro forma revenue growth was strong at 9.4% – driven in large part by 18.8% growth in UK Food to Go. We are pleased with the progress of the US integration to-date and with the development of our US commercial pipeline, as illustrated by a recently extended long term, strategic partnership with one of our largest and most important customers.”

He continues: “While we have delivered good financial and operating progress in the year, the transformation has not been without its challenges. However, we are confident that our strategy, portfolio, business model and momentum positions Greencore well to drive profitability, cash flows and returns in FY18 and beyond.”

Greencore employs approximately 16,000 people across 31 manufacturing facilities in the UK and the US.

About Author

mike

mike

Related Articles



Food & Drink Business Conference & Exhibition 2016

Upcoming Events

  • June 25, 2019BevExpo 2019
  • October 17, 2019Future Food-Tech
AEC v1.0.4

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber

Subscribe Here



Advertisements