Greencore has said that it expects to report adjusted earnings per share (EPS) of between 29 and 30 cents for the full year, slightly shy of market forecasts.
In a trading statement issued ahead of the release of final results on November 28th, Greencore said it was pleased with its performance during the year.
Its expectations on EPS compare to market forecasts of around 30.3 cents per share. Greencore shares closed three cents, or 1 per cent, lower yesterday at €2.72.
Net debt at September 30th, the company's year end, is expected to be between €565 million and €575 million, down from €874 million in March 2001.
Greencore said its chilled and frozen foods division continues to trade strongly. Despite poor weather this summer, sales rose 8 per cent year-on-year between April and August, with particularly strong growth in sandwiches and chilled ready meals, which both grew by 16 per cent.
The ingredients division has been trading in line with expectations given the reduction in profits at Irish Sugar following disruption of production due to the row with farmers over sugar beet prices earlier this year.
While Greencore described trading in its agribusiness division as "satisfactory", its bakery business has not been performing as well.
The group said its new cakes and dessert factory at Hull also underperformed during the financial year although volume growth of 7 per cent year-on-year has been achieved since April.
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