Shares in private-label food group Greencore rose in early trading this morning (25 November) as the Ireland-based firm posted a jump in underlying annual profits.
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On a constant-currency basis, Greencore reported a 7.9% rise in operating profit from its continuing businesses.
Operating profit stood at EUR72.9m (US$109.6m) for the year to 25 September and came despite a 0.8% dip in annual sales to EUR1.1bn.
However, the strength of the euro meant that, on a reported basis, operating profit was down 3.9%.
Greencore said consumers were starting to return to convenience categories like sandwiches after demand had dropped off in the first quarter of fiscal 2009.
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By GlobalDataSales from Greencore’s convenience food business climbed 2.2% on a constant-currency basis to EUR794.4m. Underlying operating profit from the division rose 14.1% at constant currencies.
Greencore also booked adjusted earnings per share of 17.4 cents, which was in line with its previous fiscal year.
The company’s shares rose by more than 2% but softened slightly to be 0.72% up at EUR1.40 at 10:08 GMT.
Click here for the complete annual earnings statement from Greencore and check back later for comment from the company’s conference call with analysts.
