24th Nov 2015 08:23
LONDON (Alliance News) - Greencore Group PLC on Tuesday lifted its dividend after reporting higher revenue and profit in its last financial year, thanks to the operating performance of its UK business.
The convenience food company's pretax profit rose to GBP59.4 million in the year to September 25, compared with GBP44.4 million the prior year, as an uplift in revenue to GBP1.34 billion from GBP1.27 billion and better margins more than offset an increase in operating costs to GBP334.6 million to GBP327.7 million. Greencore lifted its dividend for the year to 6.15 pence from 5.45p.
Greencore said that while the outlook for the UK grocery retail market remains uncertain, it is well placed for progress in the current financial year and beyond.
"Greencore has had another strong year and our clear food to go led strategy has continued to drive growth in both the UK and US markets. We delivered 6% like for like revenue growth in convenience foods, 11% group operating profit growth and our fifth consecutive year of double digit growth in adjusted earnings per share," Chief Executive Patrick Coveney said in a statement.
"We increased our investment in major capacity and capability improvement projects during the year, in each case underpinned by long term customer relationships. Our strategy, momentum and pipeline of opportunities leave us well placed to deliver further progress in FY16 and beyond," Coveney added.
Shares in Greencore were down 2.3% at 312.90 pence on Tuesday morning.
By Samuel Agini; [email protected]; @samuelagini
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