Food group Greencore has “substantially strengthened” its position in chilled convenience foods in the UK and US markets through the acquisitions of Uniq and On a Roll Sales.
Reporting from the group’s recent AGM, chairman Ned O’Sullivan said Greencore had delivered a good performance overall, growing revenues by 8.7%, maintaining operating profit in a difficult environment and growing continuing adjusted EPS by 20.9% from 11.5 pence to 13.9 pence.
He added the convenience foods division “delivered a good performance in challenging market conditions,” delivered revenue and operating profit growth of 8% and 5.3% respectively and sustained a strong operating margin of 6.7% for the year. The UK retail market has experienced a difficult year with real volume declines for the first time in many years”.
While input costs had risen by 4% at the UK business, O’Sullivan said this was successfully mitigated through internal efficiency programmes, product reconfiguration and selective price increases.
He also pointed out that Greencore had “deeply embedded” relationships with its customers in the UK. Greencore supplies sandwiches, chilled food products and ready meals to Britain’s top supermarkets including Tesco, Sainsbury’s, Asda, Waitrose, and – since the acquisition of Uniq – Marks & Spencer.
The company also said the business had made a good start to FY12 with revenue momentum in all of our major categories and was “well positioned for further progress in FY12 and beyond”.
Approximately 90% of Greencore’s revenue is generated in the UK, with about 5% generated in the US. In January it de-listed from the Irish Stock Exchange. It now has a sole listing quoted in sterling on the London Stock Exchange and expects to be included in the FTSE UK Index Series shortly.
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