Greencore reports sales increase

Greencore Group have announced a 2.5% increase in group sales to €648.7m in the half year ended March 28, 2008.

Greencore Group have announced a 2.5% increase in group sales to €648.7m in the half year ended March 28, 2008.

Group operating profit was up 2.5% to €41.1m and by 11.8% on a constant currency basis. Adjusted EPS2 up 7.4% to 13c.

The sterling currency exchange rate hit the company somewhat however, as the constant currency operating profit decreased by 3.8%.

“These results represent very good progress in an environment characterised by substantial food inflation and a significant decline in the value of sterling relative to the euro,” said group chief executive Patrick Coveney.

“On a constant currency basis, we delivered strong double digit growth in sales, profit and EPS. This performance reflects a portfolio that is working, strong customer relationships across convenience foods and malt, excellent cost control and good inflation recovery.

“Furthermore, we acquired Ministry of Cake and Danone flavoured water, both in the UK, in December and Home Made Brand Foods, in the USA, in April.

“These acquisitions are bang in line with our strategy of extending our category leading businesses in the UK and entering the US chilled food market in the right way.”

Greencore is an international producer of convenience food, as well as an ingredients supplier with operations in Ireland, the UK, the US, The Netherlands and Belgium.

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