Food-to-go drives growth for Greencore

By Michael Stones

- Last updated on GMT

Greencore delivered 6% like-for-like revenue growth to reach £1,290.2M
Greencore delivered 6% like-for-like revenue growth to reach £1,290.2M

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Greencore's convenience foods division has achieved a 6% rise in like-for-like revenue to reach £1,290.2M in results for the year ended September 25 2015.

Group revenue of was up by 5.2% to £1,340.3M and 5.4% on a like-for-like basis. Group operating profit was up 10.6% to £91.7M.

Phase one extension of Greencore’s new Northampton facility had now been completed, while the second phase was well underway, according to the results statement.

Further investment

Further investment in its Northampton campus to support customer growth was planned.

In the US, the roll out of Greencore’s new product range from its extended Jacksonville facility was taking place. On the US east coast, the new build in Rhode Island was coming on stream, while work has started on the west coast at the manufacturer's new facility in Seattle.

UK and US markets

Greencore ceo Patrick Coveney said the business had another strong year, with its food-to-go led strategy continuing to drive growth in both the UK and US markets. 

“We delivered 6% like for like revenue growth in convenience foods, 11% group operating profit growth and our fifth consecutive year of double digit growth in adjusted earnings per share,”​ said Coveney.

“We increased our investment in major capacity and capability improvement projects during the year, in each case underpinned by long term customer relationships. Our strategy, momentum and pipeline of opportunities leave us well placed to deliver further progress in FY16​ [financial year 2016] and beyond.”

Read more details on Greencore’s £12M investment in a new manufacturing facility in our exclusive interview​ with its chief financial officer Alan Williams. 

Greencore results – at a glance

• Group revenue of £1,340.3M, up 5.2% and up 5.4% on a like-for-like basis

• Convenience foods revenue of £1,290.2M, up 6% on a like-for-like basis

• Group operating profit up 10.6% to £91.7M

• Group operating margin of 6.8%, a 30 basis points s increase

• Net debt of £265.5M

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