Shareholders told of solid performance

GREENCORE’s chairman Ned Sullivan, told shareholders at the group’s annual general meeting in Dublin that the group performed solidly in 2008 thanks to its diversified food portfolio.

However he pointed out it took the excellent performance in the ingredients wing of the business to offset a decline in the group’s core convenience foods division, which is centred on Britain. The reported adjusted EPS of 24.1 cents was ahead of FY07 by 1.2% on a constant currency basis, but it was 2 cents, or 7.7%, behind the FY07 adjusted EPS of 26.1 cents, after currency losses were taken into account.

During questions Mr Sullivan was quizzed about the decision to close Drummonds, the grain merchants, and also asked to address the issue of pension entitlements.