Convenience food group Greencore has booked a 2.6% increase in third-quarter sales, with gains in the US offsetting a drop in UK revenue.
The Irish food maker said this morning (31 July) revenue in the three months to 28 June increased to GBP305.8m (US$465.3m). Greencore’s convenience food business saw sales rise to GBP285.7m, up 2.8%.
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Convenience sales benefited from a 50% jump in sales in the US. Greencore attributed revenue growth to its MarketFare Foods and Schau acquisitions.
However, UK convenience sales were hit by “tough” economic conditions, poor weather and the continued fallout from the horsemeat scandal – with sales of Italian ready meals still depressed. UK like-for-like sales, stripping out the disposal of the Uniq desserts business and the acquisition of International Cuisine, fell by 1.3% in the quarter.
For the first nine months of the year, Greencore said that its sales were up 1.5% to GBP878.7m.
The company said it was “confident” about posting “growth in adjusted earnings per share for the financial year in line with expectations”.
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By GlobalDataShares in Greencore, up over 40% since the start of the year, were down 3.95% at 146p at 10:58 BST.
