28th Jul 2015 07:27
LONDON (Alliance News) - Food company Greencore Group PLC on Tuesday said its revenue increased in the third quarter of its financial year, with good performances in the UK and the US.
The FTSE 250-listed company said its revenue in the 13 weeks to June 26 was up by 6.2% to GBP346.5 million.Revenue in its convenience foods division rose by 6.9% to GBP331.9 million and increased by 6.3% on a like-for-like basis.
Greencore said its like-for-like convenience foods revenue in the UK was up by 4%, with good growth in its food-to-go business led by new product lines. Outside of food-to-go, its revenue performance was more subdued, the company said.
In the US, like-for-like revenue was up by 22% in the quarter, driven by the roll out of new product lines.
Greencore's ingredients and property division delivered revenue of GBP14.6 million, down 8.2%.
Greencore said its core UK grocery retail market remains challenging, with deflation in ingredients and packaging costs and price investments by grocery retailers putting a drag on value growth.
Still, Greencore expects to meet market forecasts for the full year.
Shares in Greencore were up 1% to 321.7 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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