Greencore's food to go business boosts performance in Q1

Convenience foods manufacturer Greencore reaffirmed its guidance as underlying revenues were bolstered by growth in its food to go categories in the fiscal first quarter.

For 13 weeks to 28 December 2018, underlying revenues, excluding disposed sites and those that have ceased trading, increased by 5.8% in the quarter, driven in particular by growth in food to go categories, the company said.

Reported revenues, however, slipped 5.7%.

Food to go categories saw pro forma and reported revenue increased by 6.4%.

The group completed the sale of its US business on 25 November. Its performance in 2019 would be presented as discontinued operations, the company confirmed.

'The group anticipates continued underlying revenue growth in its key convenience food categories. Adjusted Operating Profit growth will be driven by this revenue growth, improved operational performance, and by a planned review of central overheads,' the company said.

At 8:27am: (LON:GNC) Greencore Group PLC share price was +0.65p at 194.65p