Greencore, the Ireland-based convenience food group, has said it will step up investments in the coming year after booking higher earnings for the 12 months to 26 September.
The company revealed it will increase capital expenditure to expand production capacity in fiscal 2015 to capitalise on new business wins and drive continued growth, particularly in the convenience channel. “FY15 will see a further significant step up in capital expenditure on capacity, productivity and capability initiatives; execution of these projects is a key area of focus.”
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Annual sales rose to GBP1.27bn (US$1.99bn), up from GBP1.19bn in the prior year. Like-for-like sales, excluding M&A and foreign exchange, increased 7.5% in the UK and 15.3% in the US.
Reported operating profit edged up to GBP59.1m, up from GBP57.7m. Acquisition related amortisation and one-off items weighed on the group’s operating performance. Excluding the impact of these factors, adjusted operating profit rose 11.4% to GBP82.9 from GBP74.4m.
Net profit fell to GBP48.6m from GBP68.6m last year, when the bottom line was lifted by historic tax losses and a 0% tax rate.
Click here to see the results release from Greencore.
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