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Greencore Group H1 Pretax Profit Rises; Pro Forma Revenue Growth At 5.4%

Greencore Group plc (GNC.L) said it performed well in first-half and remains on track to deliver its objectives in the second half of the fiscal year. For the first-half, adjusted operating profit growth was 0.9%, representing a 40 bps improvement in adjusted operating margin. The improved profits in food to go categories more than offset the impact of a decline in ready meals profitability, the Group noted. Pro forma revenue growth was at 5.4% in continuing operations, driven by 7.0% growth in food to go categories.

For the first-half, pretax profit was 5.7 million pounds compared to 3.6 million pounds, prior year. Loss per share from continuing operations was 0.1 pence compared to profit of 0.4 pence. Adjusted profit before tax improved 17.1% to 37.7 million pounds from 32.2 million pounds. Adjusted earnings per share was 6.4 pence compared to 5.5 pence.

First-half reported revenue from continuing operations declined by 4.6% to 701.4 million pounds, primarily reflecting the impact of site disposals and exits. Pro forma revenue growth was 5.4%, for the period. Revenue in the Group's activities in food to go categories accounted for approximately 64% of revenue from continuing operations.

The Group announced an interim dividend of 2.45 pence per share, a 11.4% increase from prior year period.

Separately, the Group announced the appointment of Peter Haden to the Board as Executive Director. He will take up the role of Chief Operating Officer. Peter was CEO of the UK division.

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