Meanwhile, revenues in Greencore’s Ingredients and Property division fell by 7.5% to £50.1m from £60.1m while operating profits decreased by 4.5% to £2.1m.
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In its outlook, Greencore said it is confident of achieving further growth in the current financial year and beyond, but warned that the United Kingdom grocery retail market remains “uncertain”.
The group’s Convenience Foods sector had a revenue of £1,290.2m, up 6.0% on a like-for-like basis, according to the group.
“Greencore has had another strong year and our clear food to go led strategy has continued to drive growth in both the United Kingdom and U.S. markets”, the company’s CEO Patrick Coveney said.
Group revenue rose 5.2 per cent to £1.34 billion (€1.9 billion), with convenience food revenue up 6 per cent on a like for like basis to £1.29 billion.
The company operates the largest single-site sandwich making facility in the world at Northampton in the United Kingdom, and Greencore says this business is growing so strongly it will invest £12m in commissioning a new manufacturing unit there next year.
The United Kingdom grocery market grew 1% in the 12 months to the end of September, but Greencore managed to expand 5% in Britain. The USA drove the revenue growth, which increased 15.4%, even after streamlining its product range.
The U.S. convenience foods division, which makes up about 15% of group revenue, saw a 28% increase in reported revenue compared to past year.
“However, we expect to bring the United States business up to group average operating margins in due course”.
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Davy analyst Cathal Kenny said that “at a time of subdued growth for many food manufacturers, Greencore’s revenue and profit development is a standout”.
