Greencore H1 results positive

Food group Greencore today announced sales of €434.5m for the half year ended March 26, 2010, an increase of 2.1%.

The company also said operating profit from continuing operations of €27.7m, an increase of 43%

Group operating margin from continuing operations was 6.4% compared to 4.5% in the first half of 2009.

The sale of its malt and water businesses also earned a net exceptional gain of €8.5m.

Greencore also said its Convenience Foods division was performing strongly with sales of €397m, an increase of 6.1% on the first half of last year.

"Our business is performing very strongly with operating profits up 43%, EPS up 15%, debt down by 42% and a positive outlook for the rest of the year," said CEO Patrick Coveney.

"In the last six months we have successfully completed the disposals of our Malt and Water businesses and in so doing have both tightened our portfolio and significantly strengthened our balance sheet.

"We have much still to do to deliver on the potential of our business, but we go forward with a clear strategy, a strong stable team and excellent performance momentum."