29th Jan 2019 09:09
LONDON (Alliance News) - Greencore Group PLC on Tuesday reiterated its outlook for its financial year despite reporting a 5.7% revenue decline in the first quarter.
The manufacturer of convenience foods achieved revenue from continuing operations of GBP363.5 million in the 13 weeks to December 28. In the first quarter of its previous year, Greencore reported revenue of GBP385.4 million.
The company completed the disposal of its US business in November 2018. Excluding disposed sites and those that have ceased trading, revenue increased by 5.8% in the quarter, Greencore said.
This growth was driven by the company's activities in food to go categories, where both pro forma and reported revenue increased by 6.4%.
Revenue in the rest of Greencore's continuing operations increased by 4.7% on a pro forma basis in the first quarter, but decreased by 21% on a reported basis.
Looking ahead, the company affirmed its outlook and anticipates continued underlying revenue and adjusted operating profit growth in its financial year to the end of September.
Greencore will report its interim results on May 21. The stock was trading 0.5% higher on Tuesday at 194.90 pence each.
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