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Trading statements

Greencore sees strong growth in Food to Go arm

31 January 2017 07:25

Greencore saw continued strong revenue growth in its UK Food to Go business in the 13 weeks to 30 December and good initial progress with US integration.

The group recorded revenue of £417.0m in the period, an increase of 17.1 % on the prior year on a reported basis.

On a like for like basis (on a constant currency basis and excluding revenue from The Sandwich Factory acquisition in July), revenue was ahead by 9.1% in the quarter.

The Convenience Foods division recorded Q1 revenue of £401.6m, 16.4% ahead of the prior year on a reported basis and up 8.9% on a like for like basis.

In the UK, Q1 revenue was up 13.9% on a reported basis and up 9.0% on a like for like basis (after excluding the revenue from The Sandwich Factory acquisition).

This was driven principally by strong growth in the Food to Go business, which continued to benefit from robust category growth and from the roll-out of business wins announced in FY16.

The Ingredients and Property division, which now represents less than 5% of Group revenue, recorded revenues of £15.4m in Q1, £4.5m or 41.3% higher on a reported basis and 16.5% higher on a like for like (or constant currency) basis.

This growth has been positively impacted by increasing demand in the global dairy markets.

The acquisition of Peacock Foods completed on 30 December and trading was in line with expectations upon completion.

The group said its integration plan was already progressing well.

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