Belfast Telegraph

Greencore's profits fall by a fifth amid market fears

By Roger Baird

Sandwich and ready meal maker Greencore expects the grocery market to remain "uncertain" as the supermarket price war rages across all parts of the UK's grocery industry.

The London-listed company - which makes products under licence for Heinz, Bisto and Weight Watchers - said that while the UK market remained difficult, it was still confident of trading in line with market expectations.

It added: "The UK backdrop is expected to remain uncertain, given the changing nature of the grocery industry and other potential economic headwinds."

The Dublin-based firm said its pre-tax profits fell by just over a fifth to £20.8m in the half year to March 25 compared with a year ago, but added its exceptional charges jumped almost six times to £6m during the period as it closed plants in the US and restructured its UK operations.

The firm's results come as the supermarket price war continues to bite across the grocery trade.

Belfast Telegraph