Showing confidence in uncertain grocery sector

Consumer foods group Greencore is confident of outperforming an “uncertain” UK grocery sector, by continuing to make inroads into the growing ‘food-to-go’ market.

While the Dublin-based group has seen a good recovery in its prepared/ready meals business, after taking a hit from last year’s horsemeat scandal, it sees “very good prospects” in the area of prepared salads, sandwiches, wraps, and paninis as consumer habits change and food–to–go becomes the fastest growing segment of the consumer foods market in Britain. It already comprises 40% of Greencore’s annual revenues.

Yesterday, the group reported a strong set of annual results. Those revenues —for the 12 months to the end of September — were up by 6.4% to just over £1.27bn (€1.6bn). Within that, the UK-focused convenience foods division saw an 8.4% jump in revenue to just over £1.2bn, with operating profit up by nearly 12% at £80.7m.