Greencore Group welcomes positive start to 2015

International manufacturer of convenience foods Greencore Group has revealed that it has seen an increase in revenue for the 13 weeks to 26 June 2015. 

In its latest interim management statement, the group announced a rise of 6.2% to £346.5 million on the prior year on both a reported and like-for-like (LFL) basis.

The convenience foods division of the business recorded revenue of £331.9m, an increase of 6.9% on a reported basis, and a rise of 6.3% on an LFL basis.

Greencore’s ingredients and property division recorded revenues of £14.6m in Q3. This equates to a 4.4% rise on a constant currency basis, but 8.2% lower in actual currency.

It recorded revenue of £986.3m in the 39 weeks to 26 June 2015. That is 4.2% ahead of the previous year on a reported basis, and 4.7% on an LFL basis.

At £946.6m, year-to-date revenue in the convenience food division was higher by 5.4% than the prior year on both a reported and an LFL basis.

The group stated: “The core UK grocery retail market remains challenging, with high levels of change. The combination of modest deflation in ingredients and packaging costs, together with price investment by grocery retailers, has resulted in value growth lagging behind volume in a number of our product markets.

“The group remains focused on delivering exceptional standards for its customers and on the execution of complex capacity increase projects in both the UK and US. We remain confident in our ability to deliver adjusted EPS growth for the financial year within the range of market expectations.”

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