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Greencore revenues up, on track for year

Tuesday, July 29 10:14:03

Irish-based, FTSE-listed foods group, Greencore, this morning said that the 13 weeks to the end of June saw revenues rise 6.7pc to Stg326.4m (E413m) as sales in its key UK convenience foods division rose.

In the 39 weeks to 27 June, the group recorded revenue of Stg946.2m, 7.7pc ahead of the same period a year ago on a reported basis and 8.5pc ahead on a like for like basis.

Year to date revenue in the convenience foods division was Stg898.4m, 8.5pc higher than the prior year on a reported basis and up 9.3pc on a like for like basis.

In a statement, Greencore said that the group "continues to trade well" and it remain confident in its ability to deliver adjusted EPS growth for the financial year in line with market expectations. The group's convenience foods division recorded revenue of Stg310.5m, 8.7pc higher than the prior year on a reported basis and up 9.3pc on a like for like basis. In the UK, despite a challenging grocery market, like for like revenue was 10.1pc higher than in the prior year. The "food to go" market was buoyant throughout the period, Greencore said, driven in part by growth in small store formats. In the US, the group grew revenues by 16.9pc, including the contribution from Lettieri's, the Minnesota food to go manufacturer it acquired in February. Greencore's Jacksonville facility extension has now been completed with first customer shipments delivered in late July, while construction has commenced on the new facility in Rhode Island, with the project on track for commissioning in late spring 2015.

The group also disclosed that it has agreed to sell residential land in Littlehampton, West Sussex for about Stg16.5 million, but it has retained land with commercial planning consent and will look to market this by 2017. "While this will result in a non-cash charge of approximately Stg3.5m against the carrying value of investment property, the resolution of other legacy matters in the half will fully offset this amount," the company said.

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