Convenience foods firm Greencore has posted an 8.1% increase in pro-forma revenue in the third quarter of its financial year, to £639.6 million.
On a reported basis, sales were up 0.5%, with the business posting a strong performance in its Convenience Foods UK & Ireland division.
The UK & Ireland business saw a revenue increase of 1.4% on a reported basis and 7.8% on a pro-forma basis, to £375.9 million, boosted by an improved performance in its Food to Go network.
‘[The growth was] primarily driven by an increased revenue contribution from the distribution of third-party products through our Direct to Store network,’ Greencore wrote in a statement.
Reported revenue in other parts of the division was down 12.8%, however, this reflects the disposal of its cakes and desserts business.
US Performance
In the US, Greencore posted third-quarter revenue of £263.7 million, which was down 0.8% on a reported basis, but up 8.6% on a pro-forma basis.
Driving pro-forma revenue growth in the period was the former Peacock Foods business, which saw double-digit sales growth.
Greencore said that new business development ‘continues to progress well’ with a number of new-product launches in the quarter.
In the year to date, Greencore recorded revenue of £1.88 billion – an increase of 14.0% on the previous year on a reported basis, and an 8.0% increase on a pro-forma basis.
New Appointments
Greencore also announced two new senior-management appointments in the quarter, with Anton Vincent taking the position of CEO of the group’s US operations in July.
Vincent has more than 20 years’ experience as a senior executive at General Mills, where he recently headed up the snack division.
Elsewhere, Peter Haden, currently the group’s COO, has been appointed to the role of CEO of Greencore UK, effective this October.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.
