Greencore raising up to €100m in cash to bolster defences against Covid

The group incurred Covid-related costs of £24.6m during the year

Greencore CEO Patrick Coveney said the group’s board is 'optimistic' about the medium-term prospects for the business, despite the near-term challenges. File picture: Gary O'Neill

Convenience food group Greencore is raising up to £90m (€100m), in gross proceeds, through the sale of new shares to financially shield it against further Covid damage.

The Irish sandwich, salads and wraps maker — whose main focus is the UK ‘food-to-go’ market — made a pre-tax loss of £10.8m in the 12 months to the end of September. This was directly driven by Covid restrictions and compared to a £56.4m profit in the previous year.