Belfast Telegraph

Food group hungry for growth as profits soar

Irish food group Greencore has reported pre-tax profits of £35.47m for the year to the end of September.

This figure is significantly up from the £21.5m reported at the same time last year. Group revenues for the year rose by 8.7% to £804.2m.

The company, which manufactures convenience food for supermarkets like Marks -amp; Spencer, said its group operating profits of £51.5m were in line with the previous year and it is confident of driving further growth this year despite the challenges it faces.

It is proposing a final dividend of 2.4 euro cents per share.

Greencore also announced it has successfully completed the £113m deal to buy convenience food group Uniq in September. This plus the acquisition of On a Roll Sales will strengthen its position in chilled convenience foods in the US and UK, the firm said.

It has changed its reporting currency from euro to sterling to align the group's external financial reporting with the group's profile.

Greencore chief executive Patrick Coveney said that 2011 had seen the company complete its transformation into a "focused and growing convenience food business'' while the underlying business continues to trade well.

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