Greencore's food to go business boosts performance in Q1

Writer,

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


Related content

Broker Forecast - HSBC issues a broker note on Greencore Group PLC

HSBC today reaffirms its buy investment rating on Greencore Group PLC (LON:GNC) and raised its price target to 300p (from 280p).

Broker Forecasts data provided...

Thu, 19/12/2019 - 13:10


Greencore Group names new non-executive director as John Moloney prepares to retire

The board of Greencore Group has appointed Gordon Hardie as non-executive director with effect from 1 February 2020.

Hardie recently retired from global agri-food business...

Thu, 19/12/2019 - 07:34


Broker Forecast - Jefferies International issues a broker note on Greencore Group PLC

Jefferies International today reaffirms its buy investment rating on Greencore Group PLC (LON:GNC) and raised its price target to 295p (from 250p).

Broker Forecasts data...

Fri, 29/11/2019 - 13:30


Broker Forecast - Barclays Capital issues a broker note on Greencore Group PLC

Barclays Capital today reaffirms its underweight investment rating on Greencore Group PLC (LON:GNC) and raised its price target to 215p (from 205p).

Broker Forecasts data...

Thu, 28/11/2019 - 10:20


Greencore profit more than trebles on higher margins

Convenience food supplier Greencore said profit more than trebled as higher margins offset a fall in revenue from site disposals and exits.

For the...

Tue, 26/11/2019 - 08:01