Greencore reports revenue and profit rise

Greencore saw success in its food-to-go division as it posted solid half-year results.

In its interim results for the 26 weeks ended 25 March 2016, the processor saw its group revenue rise 8.1% to £691.6m compared to the same period the previous year, while its operating profit increased by 8.5% to £43.5m.

Its convenience foods revenue increased to £667.9m, a rise of 7.8%, while operating margin remained static at 6.3%.

The business also highlighted a growth in food-to-go activity in the UK and the US, with a revenue increase of 12.7%.

Expansion plans for the processor are moving steadily, with phase two of its Northampton expansion being completed on time and phase three “progressing to plan”.

Internationally, its Rhode Island site is fully operational and its Seattle site is on track to begin production in June.

Patrick Coveney, chief executive officer, said: “Greencore has performed strongly in the first half of the year. Our strategy of focusing on the UK and US food-to-go markets is working well and we are continuing to invest in capacity and capability initiatives to support the substantial future growth pipeline. We are confident of further progress in the months and years ahead.”

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