Greencore results in line with forecasts

Food group Greencore in its preliminary results for the year to end September today posted an increase in sales of over 3.2% to €1.31bn and a 30% drop in pre-tax profits to €41.7m.

Food group Greencore in its preliminary results for the year to end September today posted an increase in sales of 3.2% to €1.31bn and a 30% drop in pre-tax profits to €41.7m.

Operating profits fell by 4.5% to €77.2m, the company said, with earnings per share falling 7.7% to 24.1 cent.

The results were largely in line with analysts' expectations.

Chief Executive Officer Patrick Coveney said the results represented a "resilient response to a challenging year" which saw declining consumer confidence, rising food inflation, a weakening in sterling and a fraud issue at its mineral water business.