• Net profits amounted to GBP15.9m (US$21.5m) from net loss of GBP215,000
  • Operating profits rise 36.7% 
  • Sales climb 49.9%
Greencores acquisition of Uniq boosted profits

Greencore's acquisition of Uniq boosted profits

Ireland-based food maker Greencore has booked an increase in first-half profits, boosted by the company's acquisition of UK firm Uniq last year.

In the six months to 30 March, net profits amounted to GBP15.9m (US$21.5m) compared to a net loss of GBP215,000 last year. Pre-tax profits reached GBP15.8 from GBP2.1m, the company reported today (22 May).

Operating profits in the period rose by 36.7% to GBP25.1m from GBP31.7m, while sales climbed by 49.9% to GBP567.7m.

Greencore said its acquisition of Uniq last September, which manufactures Cadbury-branded chilled desserts, contributed to its increase in revenue.

"Our business has performed strongly in the first half of 2012," said CEO Patrick Coveney. "The acquisition of Uniq last year has reshaped our group and we are on track to deliver all of the targeted integration benefits.

"Despite the tough market conditions, which show no signs of abating, we continue to target strong growth in adjusted EPS for the financial year."

Looking ahead, the company said it does not expect to see "any material improvement" in the trading environment in the UK in the second half and is yet to see "a material easing" in inflationary pressure.

"Notwithstanding these pressures, we continue to target good underlying revenue growth and strong growth in adjusted earnings per share," the company added.

Click here to view the full earnings release.