Greencore posts €27m loss, but plots US move

PROFITS at Irish food company Greencore were hit by a fall in the value of sterling, but the company remains on track to expand in the US.

Shares in Greencore fell almost 9% to €1.04 yesterday after the company, which is Britain’s largest sandwich maker, reported a pre-tax loss of €27 million for the six months to March 27, 2009, compared with a profit of €24m in the same period last year.

It also reported a 17.8% fall in first-half adjusted earnings per share to €7.40 and saw operating profits fall 11.7% to €31.4m.