Greencore expects to beat performance forecast

INTERNATIONAL food group Greencore said the strong first half growth in its core convenience food operations continued into the second half.

As a result, the company said it expects to beat its earlier EPS forecast of 16 cent per share for the financial year. It expects to record an operating margin in convenience foods above the 6.5% achieved in the half year to the end of March 2010. The interim results issued in May noted the strong performance of its convenience food operations in Britain, boosted by a greater level of home dining as consumers struggled to stretch their incomes.

And the division has had a buoyant summer, with the positive sales lift in the first half carrying over to the four months to the end of July. In that period, food sales were 7% up, at €281.2 million, over the same period in 2009.