Greencore expects profits to be 20% up

By Elaine Watson

- Last updated on GMT

Related tags: Marketing

Greencore expects group operating profit on continuing businesses to be up 20% this year, bosses have revealed in a trading statement issued ahead of its full-year results on November 23.

Sales from continuing businesses in convenience foods are also expected to be about 8% higher in the year to September 24 than they were over the same period in 2009, said the group.

“Our trading through the late summer and in September was fully in line with expectations with a robust group performance overall.

“Looking ahead to full-year 2011, albeit at this early stage, based on the current run rate of the business and an expected significant reduction in the group's interest bill reflecting a full year benefit associated with the full-year 2010 disposals, the group expects to deliver a strong performance in its ongoing business in full-year 2011.”

Shore Capital analyst Clive Black said Greencore was “guiding to a performance slightly in excess of our current expectations”.

He added: “The disposal of activities in Continental Europe, malt and water has made Greencore a business focused primarily on the chilled private label food market in the UK. That process of focus makes for a more simple business and also one that is materially deleveraged."

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