One-off costs halve Greencore profit

NET exceptional costs of £11.7 million (€13.7m) resulted in profits at Greencore being halved in the group’s latest financial year.

The food group has reported a pre-tax/post exceptional profit of £11.2m for the 12 months to the end of September; down from a profit of £26.2m for the previous year.

Operating profit totalled — again, following exceptional costs — £24.55m; as opposed to £49.55m a year earlier. However, group revenue rose by 8.7% to £804.2m, while adjusted earnings per share was up by nearly 21% to 13.9p.