Convenience food group Greencore saw its share price climb nearly 4% this morning (27 November) after booking an increase in full-year profits
Net profit soared 79.8% to GBP35.6m (US$57m) on the back of its acquisition of Marks and Spencer food supplier Uniq last year. Adjusted earnings jumped 70.9% to GBP49.2m.
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Group operating profit was up 37.3% to GBP70.7m, reflecting the firm’s acquisition activity and business momentum, it said. Revenues grew 44.5% to GBP1.16bn.
Greencore also cited the establishment of a food-to-go business in the US following the acquisitions of MarketFare Foods and Schau, and the completion of a supply agreement with Starbucks.
Following an “extensive reshaping” of its portfolio of businesses over the last three years, the group said it is now “well positioned as a focused and growing private-label convenience foods business” in the UK and the US.
It added market conditions remain “challenging” with pressure on like-for-like volume in the UK, “little economic growth” and a consumer under “considerable financial pressure”. However, it said it remains “well positioned to deliver further progress in FY13 and beyond”.
Greencore shares were up 3.4% at 94 pence at 08:34 GMT.
