Strong revenue performance led by Food to Go

17 May 2016

Greencore Group plc, a leading international convenience food business, today issues its interim results for the 26 weeks ended 25 March 2016.


  • Group revenue of £691.6m, up 8.1% as reported and up 7.5% on a constant currency basis
  • Convenience Foods revenue of £667.9m, up 7.8% in constant currency
  • Group operating profit1 up 8.5% to £43.5m
  • Group operating margin1 of 6.3%, unchanged from the prior year
  • Adjusted EPS2 up 7.9% to 8.2p
  • Interim dividend of 2.55 pence per share, an increase of 6.25% versus H1 15



  • Continued strong momentum across UK and US food to go activity with like for like revenue growth of 12.7%, well ahead of market performance
  • Phase two of the Northampton expansion completed on time with commissioning now under way. Phase three also progressing to plan
  • Rhode Island site fully operational and Seattle build on track for initial production in June
  • Strong pipeline of future growth opportunities




                H1 16 H1 15 Change Change
  £m £m (as reported) (constant currency)
Group revenue 691.6 639.8 +8.1% +7.5%
Group operating profit1 43.5 40.1 +8.5%
Group operating margin1 6.3% 6.3% unchanged
Adjusted PBT2 36.5 33.4 +9.3%
Adjusted EPS (pence)2 8.2 7.6 +7.9%
Interim dividend per share (pence) 2.55 2.4 +6.25%
Net debt 316.0 291.4 +£24.6m
Convenience Foods Division
Revenue 667.9 614.7 +8.7% +7.8%
Operating profit1 42.9 39.3 +9.2%
Operating margin1 6.4% 6.4% unchanged

Commenting on the results, Patrick Coveney, Chief Executive Officer, said:

“Greencore has performed strongly in the first half of the year. Our strategy of focusing on the UK and US food to go markets is working well and we are continuing to invest in capacity and capability initiatives to support the substantial future growth pipeline.  We are confident of further progress in the months and years ahead.”

For the full report and presentation click here.

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