Greencore Group plc, (GNC.L), a producer of convenience foods and ingredients to retail and foodservice markets in UK and US, Tuesday announced its unaudited interim results for the 26 weeks ended March 29. For the six-month period, the company reported total pre-tax profit of 14 million pounds, slightly lower than 15.8 million pounds reported during the same period last year.
Profit after tax, however, increased to 22.4 million pounds, from last year's 15.9 million pounds. On a per share basis, earnings were 5.4 pence per share for the period, compared with 4 pence during the same period last year.
Adjusted earnings per share were 10.9 percent higher at 6.1 pence, reflecting growth in operating profit combined with lower year-on-year financing costs and a continued low effective tax rate.
Group revenues for the first half of the year was 572.9 million pounds, up 0.9 percent from 567.6 million pounds reported during the comparable period last year. Convenience Foods revenue was 542.1 million pounds up 1.8 percent from last year.
The Board has set an interim dividend of 1.90 pence.
Looking forward, the company expects market conditions to remain tough during 2013, particularly in the core UK market which shows little or no volume growth. The Group is however confident of delivering adjusted EPS growth for the financial year in line with expectations.
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