Food to Go Led Strategy Continues to Drive Growth at Greencore
Greencore, the UK and international convenience food business, has reported a 10.6% rise in operating profit to £91.7 million on group revenue ahead by 5.2% to £1.340 billion – up by 5.5% on a like for like basis – for the year ended 25 September 2015. Group operating margin improved by 30 basis points to 6.8%.
Greencore’s vision and strategy is to be a fast growing international convenience food leader. The group is focused on deepening its leadership in the food to go segment in the UK and US as this is where it sees the most favourable long‐term consumer and customer trends and where it has its strongest market positions and deepest capability. Like for like revenue growth across the UK and US food to go businesses in the 2015 financial year was 10.4%, well ahead of the level of market growth.
Patrick Coveney, chief executive of Greencore.
Greencore is continuing to invest in expanding capacity in the US. In the UK, an extension of the group’s sandwich facility in Northampton was successfully commissioned in the first half and the construction of a new production facility adjacent to the existing site is well advanced. Greencore is also planning further investment of £12 million in the Northampton campus to support customer growth.
Patrick Coveney, chief executive of Greencore, comments: “Greencore has had another strong year and our clear food to go led strategy has continued 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 EPS. 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 and beyond.”
