Greencore revenue up despite controversy

Greencore’s annual results have exceeded market expectations, despite this year’s horsemeat scandal wiping about £15m from its full-year revenues.

While analysts had expected a slight drop in group revenues for the year to the end of September, Greencore yesterday reported a 3% increase to almost £1.2bn, (€1.43bn) with operating profit ahead by over 8% at £76.5m, on a pre-exceptional basis.

Adjusted pre-tax profits were up by nearly 12% at £61.6m, with adjusted earnings per share climbing more than 13% to 14.5p. Progress was also made on denting the group’s pension deficit and net debt levels.