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.
Go deeper with GlobalData
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”.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataGreencore shares were up 3.4% at 94 pence at 08:34 GMT.
