CONVENIENCE FOOD producer Greencore is set to release a half-yearly financial report tomorrow and investors will be watching closely for any update on how well the integration of Uniq is progressing.
Greencore acquired Uniq earlier this year, and the first-half results – which covers October to March – will encapsulate the contribution of the British sandwich and dessert supplier.
Brokers expect the group’s underlying numbers to be good as Greencore said in its most recent update that sales were up about 11 per cent in its core convenience food business in the first four months of the financial year.
Greencore’s outlook for the remainder of the year will also be of interest. The expectation is that the company’s bottom-line earnings per share guidance for the full year will be little changed.
While extra profits will be coming through from Uniq, this may well be offset by dilution resulting from last year’s rights issue (through which it financed the acquisition of Uniq).
Overall, the tone of the report is expected to be positive in terms of both sales growth and the integration of the sandwich supplier.
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