Greencore Group PLC (GNC.L) Tuesday issued interim management statement for the 13 weeks trading period to 28 December 2012.
The company’s Convenience Foods division recorded revenue of 285.8 million pounds, 2.5 percent higher than in the prior year in reported currency and up 2.8% in constant currency.
In the UK, revenue was in line with prior year on a like for like basis, while in the US, revenues more than doubled versus FY12 reflecting the acquisitions of MarketFare Foods and Schau partly offset by extensive portfolio rationalisation in the original business, mainly at the Newburyport facility, in order to improve returns.
For the 13 weeks period, Ingredients and Property division, reported revenues of 13.1 million pounds, 11.6 percent lower than last year in constant currency and down 17.9 percent in reported currency.
As announced earlier, Gary Kennedy would succeed Ned Sullivan as Chairman. Both Sullivan and Pat McCann would step down from the Board at the conclusion of the AGM.
Looking forward, Greencore Group said it remains well positioned with a balanced customer portfolio and exposure to faster growing convenience categories. The Group achieved good operating efficiencies and cost control in Q1 and intends to maintain this delivery for the remainder of the financial year.
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by RTT Staff Writer
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