Ireland: Increase in sales and earnings for Greencore

Convenience food group Greencore has declared that it is entering 2014 with “good momentum”, after reporting an increase in its annual profit and revenue.

Profit before tax reached EUR 61.6 m (approx $83.4m) – an 11.8% increase on the previous year – while overall operating profit increased by 8.1%. Group revenue was up by 3% with sales growth in food divisions of 3.5%.

Chief executive Patrick Coveney said the results were achieved despite a "weak UK consumer environment, limited growth in retail food markets, persistent input cost inflation and the negative impact of the horsemeat scandal".

According to Just Food, the improved performance was achieved through tight financial management and by focusing on improvements in returns in lower margin business.

Greencore enters 2014 with “with good momentum in our businesses,” Coveney continued. “We remain well positioned to deliver further progress in FY14 and beyond."

Source: Just Food