In a new report, Greencore Group plc, a manufacturer of convenience food in the UK and US, has issued its interim results for the 26 weeks ending 31st March 2017.
The results indicate a 46% increase in group revenue of £1,010.3 million. The increase comes despite some major changes to Greencore’s global business, as well as an investment.
Two new reporting segments have been created to reflect a substantially changed company structure. Convenience Foods UK & Ireland state a revenue of £685.7 million, up 16.1% as reported, and up 10.6% on a pro forma basis.
Convenience Foods UK, meanwhile, indicated a revenue of £324.6 million, up 220.8% as reported and up 2.5% on a pro forma basis.
The report indicates that the Group’s EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) are also up 31.2%, to £79.1 million, and it’s operating profit is up 27.1% to £55.3 million.
Greencore’s strategic developments aim to continue strong growth in its Food to Go sector in the UK. The group completed the acquisition of Peacock Foods in December 2016, impacting on the US side of the business.
Patrick Coveney, chief executive officer, commented: “This has been a transformational period for Greencore following the acquisition and integration of Peacock Foods in the US. Against a backdrop of considerable change across the Group, we are pleased to be reporting strong revenue and profit growth for the first half of the year.
“In the UK, we have delivered significant expansion and investment following recent new long-term business wins, as our Food to Go business continues to grow rapidly. The enhanced capabilities, product offerings, and customer relationships that have been added to the Group in a short space of time, combined with the strength of our underlying business, mean that we are confident of making further progress in FY17 and beyond.”
This story was originally published on a previous version of the Meat Management website and so there may be some missing images and formatting issues.
