Food manufacturing excellence awards
Patrick Coveney
Greencore boss Patrick Coveney has demonstrated considerable skill in raising the fortunes of the chilled own-label food manufacturer he leads over the past few years.
While the strong rise in Greencore’s share price, which peaked at 300p on March 7, has started to slide over the past few months (247p on May 19), the fundamentals of the business remain strong. Coveney can take much of the credit for that.
He demonstrated agility in navigating a change in the strategy of Greencore’s US business from one predicated on traditional ready meals and salads to a ‘food-to-go’ business, which meets the needs of consumers Stateside. Coveney was also astute enough to recognise that what happens in the US is often subsequently picked up in the UK. He has thus made food-to-go a strong focus of Greencore’s activities here too, where he sees it offering big opportunities for growth.
In its latest half-year results, Greencore reported particularly strong performance, with 18.6% earnings per share growth, due in no small part to the focus on food-to-go. Growth in the US continues apace, with strategic investments stepped up over the past six months in Minneapolis, Jacksonville, Rhode Island and Northampton to support new business with several large customers. Expect Greencore to report further growth in the months and years ahead.