Irish ready-made meals supplier Greencore returned to profit for the full-year boosted by a strong performance in the firm’s convenience division.

For the year ended 24 September, Greencore made a profit of EUR34.5m (US$47m) compared to a loss of EUR8.4m in the prior year. The manufacturer said trading in its convenience foods division was “very strong” in the year with operating profit from continuing operations 21.1% ahead of 2009.

Group operating profit climbed 17.6% to EUR59.7m, while sales rose 6.9% to reach EUR856m.

Patrick Coveney, group chief executive said: “We have made enormous progress in reshaping our group into a focused, growing convenience food business this year. This is reflected in the strong sales, margin and profit growth in the results of our continuing business announced today. Furthermore, an effective disposal programme has dramatically reduced group net debt and provides the basis for further development in convenience food.”

Looking ahead, Greencore said trading in the early part of 2011 is “encouraging”, albeit with sales growth at “more modest levels than recorded during FY10”.

Assuming an average EUR/GBP exchange rate in the 2011 financial year in the range of 0.85 to 0.88, the group expects to deliver “strong growth on a continuing basis in FY11”.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Click here to view the full earnings release and check back later for further insight into the firm’s full-year results.