Food group Greencore said today a cut in its sugar quota and pricing pressures would impact sugar profits in the current year.
Greencore chairman Mr Bernie Cahill told today's AGM that the sugar market is now priced on a pan-European basis making it more difficult to pass on cost increases to consumers.
The company also said the British bread market had not improved from the hardships of the latter part of last year with rises in distribution costs also adversely affecting margins.
Greencore shares were down 0.7 per cent at euro 2.85 on the Dublin market this morning.
