Greencore’s results impress despite currency issues

GREENCORE, which recently bought convenience food group Home Made Foods in the US, increased its turnover and profits in the first half of the year.

Group sales at the international convenience food group rose 2.5% to €648.7m and by 10.4% on a constant currency basis, but sterling weakness was a major drag on figures. Operating profit rose 2.5% to €41.1m but were up 11.8% when the sterling difference is discounted.

Both rising material costs and currency exchange were dominant features of the trading period with the hike in food charges alone adding substantially to the costs, most of which were recovered.