Greencore revenue rises to £305.8 million
But company warns of continuing tough conditions in UK market
CGreencore has an agreement to supply food to go to some Starbucks sites, a deal that has lifted its US revenues. Photograph: Mario Anzuoni/Reuters
Revenue at Greencore rose 2.6 per cent year on year to £305.8 million in the third quarter of its fiscal year.
In an interim management statement this morning, the food group said trading was in line with expectations, but tough conditions in the UK market were expected to continue.
Its convenience foods division recorded revenue of £285.7 million, up 2.8 per cent on the same period a year earlier as acquisitions made a contribution and the company exited Uniq desserts activities. Excluding these factors, revenue in the UK fell by 1.3 per cent on a like for like basis, as poor weather impacted results for the period.
US revenues rose by 50 per cent as the company factored in the impact of the acquisitions of MarketFare Foods and Schau, and the agreement to supply Starbucks.
Greencore’s ingredients and property division saw revenue fall by 3.6 per cent on a constant currency basis.
In the year to June 28th, revenue at the group was £878.7 million, up 1.5 per cent on the previous year.