Greencore has recipe for success
Shares in Greencore rose sharply after a strong set of annual results.
For the year to the end of September, the ready meals maker reported a profit of £35m on turnover of £1.16bn. Growth was driven by its acquisition last year of the sandwich and desserts maker Uniq, which boosted revenues by about 45%.
Chief executive Patrick Coveney said 2012 had been a "breakthrough year". "The acquisition of Uniq has reshaped the performance, scale, capability and long-term prospects of our Group, with all elements of the targeted benefits now delivered. More broadly, our strategy, enlarged portfolio and team are working well as we continue to build our industry leading convenience food businesses in the UK and increasingly in the US.
"The Group delivered revenue growth, with like-for-like Convenience Foods revenues up 7.4% despite challenging market conditions."
Greencore is one of the Republic's largest food companies and is involved in manufacture and supply of primary foods, food ingredients and prepared foods. it also has agribusiness interests.