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Ready meals provider Greencore serves up a profit again
by Amy Wilson - 09/06/2010
"Greencore, which supplies Tesco and Asda's ready meals and sandwiches, saw first-half earnings grow "very strongly" and has forecast higher profits for the rest of the year. "
The company, which is listed in Ireland, reported pre-tax profit of 11.8m (£10m) for the six months to the end of March, compared with a loss of 37.8m last year. Revenue rose 2.1pc to 434.5m. Convenience food sales rose 6.1pc to 397m
"Growth has bounced back strongly," since last summer, according to Patrick Coveney, chief executive of Greencore. Demand for ready-meals fell during the depths of the recession last winter when shoppers opted to cook from scratch instead, but since then the company and its supermarket customers have made meals cheaper and improved the quality, Mr Coveney said.
Compass sees higher profits despite downturn"Most of the growth and innovation is now at the premium end," he said
Greencore supplies own-label sandwiches, salads, sushi, puddings, ready-meals and cooking sauces for Tesco, which is its biggest customer, accounting for 28pc of sales, followed by Asda with 23pc and Sainsbury with 20pc. The company does a "small" amount of work for Waitrose and Marks & Spencer, Mr Coveney said. The company has also benefited from fewer people eating out, Mr Coveney said.
Greencore sold its malt unit and bottled water business during the first half as it focuses on convenience food. The company also carried out a refinancing in 2009, and reduced its net debt to 194.2m at the end of March from 332.6m a year earlier.
"In convenience foods the group has a clear growth strategy," analysts at Investec said. "This seems to be paying dividends."
The company also makes salads, sandwiches and prepared meals for the US market, and sales there rose 27pc.
The interim dividend is unchanged at 3 cents.
More Details: http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/7764806/Ready-meals-provider-Greencore-serves-up-a-profit-again.html
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