Ireland-based food group Greencore said today (26 May) that “trading held up well” during the first half of its fiscal year despite the company booking a net loss over the six months.
The convenience food maker posted a net loss of EUR7.3m (US$10.1m) for the period to 27 March after a one-off loss of EUR25.1m on disposals and restructuring.
Before exceptional items and acquisition-related amortisation, Greencore said underlying operating profit was up 4.6% at constant currency to EUR31.4m. Foreign exchange hit the translation of operating profit by EUR5.7m.
Underlying revenue was up 3% at constant currency to EUR545.4m.
Chief executive Patrick Coveney was cautiously optimistic about Greencore’s prospects. “We have stabilised the business but are not complacent – we know that we have some distance to go to deliver on the potential of our group,” he said.
“However, we are confident, given our leading market positions, efficient operations and developing presence in the growing US prepared foods market, that Greencore can realise the returns of which it is undoubtedly capable.”
For Greencore’s US ambitions, as outlined by CEO Patrick Coveney today, please click here.