Greencore has said that it will restate profits for the previous two financial years, cutting profits by EUR12m (US$19m), after the sandwich maker discovered a former manager hid costs.

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Operating profit for fiscal 2006 will be cut by EUR4m and fiscal 2007 profits will be cut by EUR8m.


Current operating profit will also be EUR9m below forecasts, the Ireland-based firm said today (25 June).


Expenses were covered up at the group’s mineral-water division by a former financial controller who left the company before the discovery.


Greencore did not name the individual involved, but indicated that the company is mulling legal action.

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