Sales up 7.9% at Greencore

Greencore, the convenience food group, has this morning revealed a 7.9% increase in year-on-year reported sales of €442m.

Group operating profit was €27m, an increase of €0.5m or 1.7% in year-on-year reported profits and a reduction of €0.6m or 2.2% on a constant currency basis, primarily due to a reduction in property trading activity, added Greencore. Sales growth was 4.3% in a constant currency

The company missed out on acquiring Northern Foods earlier this year, after businessman Ranjit Boparan came in with a rival offer that valued Northern Foods at £342m.

Patrick Coveney, group chief executive officer, said: “Our business continues to perform well, despite some of the recent challenges in the UK and US food markets. We are delighted to have delivered sales growth of 7.9% for the first half, and in particular to have driven this through to a 42% growth in continuing adjusted earnings per share. 

“This delivery is grounded in close customer relationships, strong operational performance, a passionate Greencore team and a focus on driving down financing costs following our disposal programme last year.”

Referring to its Northern Foods bid, Coveney added: “Clearly, in the last six months we devoted considerable time and resources to corporate development activity and it was disappointing not to be able to execute a combination with Northern Foods. However, we learnt an enormous amount from the process and we are optimistic about our ability to drive growth and shareholder value from both our existing business and from corporate development in the months and years ahead.”

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