Carlow closure 'painful but unavoidable': Greencore

The decision to close its sugar factory in Carlow was "particularly difficult and painful" but, "unavoidable due to the significantly increased competition and impending regime reform", Greencore said today.

In an AGM statement, Greencore nonetheless said 2004 was "another year of good progress".

Profit before tax grew by 8% and adjusted earnings per share grew by 6%.

Net debt at the end of September 2004 was €387m, €43m below the level of September 2003, and €49m lower when the impact of currency translation is excluded.