Greencore optimistic for full year

Food group Greencore said today it expected to deliver full-year profits "modestly ahead" of last year.

In a trading statement for the first 10 months of the current financial year it said trading had "held up well in challenging conditions".

Group operating profit was ahead of the same period last year on a constant currency basis, the statement said.

In the four months to July 24, sales in its convenience foods division were 2.5% ahead of the same period last year on a constant currency basis.

The company said its UK portfolio was ahead by 1.8% overall, with US business also performing well, 43% ahead of last year.

Continental European sales were however behind by 9%, reflecting a weaker consumer environment in The Netherlands.