Convenience foods help Greencore boost profit

ISEQ-listed food and agribusiness company Greencore made a group operating profit of €76,427 for the year ending September 29, up from €74,684 last year.

Convenience foods contributed 92.4% of the operating profit.

Chief executive David Dilger said: “Greencore has been transformed in recent years and is now one of Europe’s leading producers of convenience foods.

"The performance of our convenience foods division in 2006 has been excellent, with sales growing at twice the market rate and operating margins broadly maintained, despite significant inflationary cost pressures.

“The strength of our convenience foods business has substantially mitigated the negative impact of EU sugar regime reform, a reform that not only significantly reduced sugar profits in 2006 but led us to exit sugar processing entirely.”