Boost for sandwich maker Greencore as sales in the US help revenue rise to £636m
Sandwich maker Greencore has reported a revenue increase of £636.5m for the three months to the end of June, up 11.8% on a pro forma basis on the same period last year. Year-to-date, the group recorded revenue of £1.65bn - 8.8% ahead of the prior year on a pro forma basis, according to its trading statement.
The company is based in Dublin, where it is led by Patrick Coveney, but is listed on the London Stock Exchange.
The increased revenue was driven by strong sales of convenience foods in the UK, US, and Ireland.
In Ireland and the UK, revenue from the company's convenience foods division grew by 15.3% to £370.6m in the three months to June 30.
The strong growth momentum delivered in the period was driven by the food-to-go business, which accounted for more than 60% of divisional revenue.
To help meet the demand in the UK for convenience foods the group last month purchased a sandwich manufacturing facility near Heathrow.
According to Greencore, the "modest" acquisition will enable the company to add additional high-quality manufacturing capacity to meet its food-to-go growth agenda.
Meanwhile in the US, where Greencore is number one in the frozen sandwiches market, convenience food sales recorded a close to quadrupling of revenue growth to £265.9m, following the acquisition of Peacock Foods at the end of December last year.