Shares in Greencore fall by 8%

GREENCORE shares fell by as much as 8% yesterday after 2004 results at the world’s largest sandwich maker fell slightly below expectations.

The food group, which also incorporates the old Irish Sugar operations, yesterday posted an 8% rise in full-year pre-tax and exceptional items profit to €73 million for the year to the end of September. This was before an exceptional goodwill write-off and net asset impairment right-off of €52m relating to disposals, Rathbones bakery and associate James Budgett. Retained losses appear to be €41m, after dividend payments of €24.2m, tax of €9.9m and amortisation and exceptional items. The total recognised losses for the year were €23m, compared to recognised gains of €43.4m in 2003.

Group chief executive David Dilger said he was pleased with the results.