Greencore increases profits by 7%

GREENCORE delivered results in line with expectations yesterday, recording strong profit growth and a steady performance in generating cash and reducing its debt.

Pre-tax profits for the year ended September were up 7% to €67.8 million. Its three main divisions, ingredients and agribusiness, chilled and frozen foods, and ambient grocery, performed well.

Total turnover fell by 18% to €1.47 billion as a result of a number of disposals and the closure of some businesses. Sales increased 1% on a like-for-like basis.