Greencore’s profit before tax up 12.7% this year

Greencore Group, a manufacturer of convenience food in the UK, has issued its results for the year ending September 28, 2018.

The group has reported that its profit before taxation stands at £17.8 million this year; up 12.7% from £15.8 million last year.

The results were published today (Tuesday, December 4) and a statement from the group has said it is “well positioned to drive future growth and sustainable returns in the core UK market”.

Following the sale of its US business, Greencore has outlined in today’s statement that it is “committed to the prompt and efficient return of £509 million” of the transaction proceeds to shareholders.

The statement also noted the group’s revenue stands at £1,498 billion; up 4.2% from £1,438 billion in 2017.

The group reported an adjusted operating profit growth of 1.7% in its operations, it added that this increase was “weighted toward the second half of the year”.

Commenting on the results, Patrick Coveney, Greencore’s chief executive officer, said: “2018 was a year of significant change for Greencore.”

He outlined: “We delivered good underlying growth in the UK, with favourable consumer and retailer trends helping drive our core food-to-go business.

After the financial year-end, we took the decision to sell our US business having received a compelling offer for it.

He added that the group will now focus all of its attention and resources on “the significant growth opportunities that we see in the UK, both organic and inorganic”.

Concluding, Coveney said: “Despite the short-term uncertainties of Brexit, our scale, depth and expertise in attractive and structurally growing food categories mean that we are confident in the future growth prospects for Greencore.”