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Convenience food giant Greencore reports operating loss of 4.4m

Written by Business World, on 22nd May 2018. Posted in General

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Dublin-based sandwich maker and convenience food specialist, Greencore, has today reported a group operating loss of £4.4m in the six months to the end of March.

Chief Executive for Greencore, Patrick Coveney elaborated on the challenging first half year, saying: "While we delivered strong revenue growth in both the UK and US, profit growth was impacted by the challenges experienced in the original part of Greencore's US division."

He continued: "As a result of the significant strategic, network and organisational measures that we have taken in order to address these challenges, we believe that our US business is now much better positioned to deliver an improved performance in the second half of the year and beyond."

The company’s revenue for the same period, however, rose by 22.6% to £1.24 billion. Looking to the second half of the financial year, the Group predicts good organic growth in the “seasonally more significant” second half.

It also said that its UK profit conversion will be driven by strong year on year performance in Food to Go, while US profitability will be supported by strong year on year performance in the former Peacock Foods business.

Source: www.businessworld.ie

 

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