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Greencore profits up 37.3 per cent

The group has attributed a 44.5 per cent growth in revenue, in part, to the acquisition of UK food manufacturer Uniq.

Chief Executive of Greencore, Patrick Coveney.
Chief Executive of Greencore, Patrick Coveney.
Image: Laura Hutton/Photocall Ireland

CONVENIENCE FOOD PRODUCER Greencore has reported an increase in both revenues and operating profit, with CEO Patrick Coveney describing 2012 as a “breakthrough year”.

The group reported a 44.5 per cent growth in revenue to £1.16 billion (€1.43bn) and an increase of 37.3 per cent to £70.7 million (€87.4m) in operating profit.

Greencore attributed the growth in revenue to “acquisition activity and business momentum” – the acquisition being that of UK food manufacturer Uniq.

The company also reported a net debt increase from £139.8 million (€172.9m) to £258 million (€319.1m) following the Uniq deal, along with other acquisitions in the US.

Commenting on the results, Patrick Coveney, Chief Executive Officer, said the acquisition of Uniq had “reshaped the performance, scale, capability and long-term prospects of our group”.

“More broadly, our strategy, enlarged portfolio and team are working well as we continue to build out industry leading convenience food businesses in the UK and increasingly in the US.

“Despite increasingly challenging consumer conditions, little industry growth, and increasing levels of retailer competition, Greencore remains well positioned to deliver further progress in FY13 and beyond,” he added.

Read: In photos: Greencore workers travel from Hull with petition for Irish govt

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