Greencore posts €27m half-year loss
Food group Greencore today posted a €27m loss for the six months to March 27, compared to a €24m profit for the same period last year.
Revenue for the period was €550m, down from €648m for the half year ended March 28, 2008.
The group said that a 17% drop in the value of sterling against the euro had resulted in a €5.7m drop in operating profits. On a constant currency basis, group operating profits rose by 4.6% to €31.4m.
Earnings per share (adjusted) of 7.4 cent was in line with the first half of the 2008 financial year on a constant currency basis but was down by 17.8% on the comparative amount for last year of 9.0 cent, the company said.
In a statement the company said it had delivered a “solid” performance in a “challenging trading environment.”
"Trading in the first half of the year has held up well in challenging conditions,” said Group CEO Patrick Coveney.
“We remain on track to deliver operating profit in line with 2008 on a constant currency basis, albeit with the seasonally more important summer period to come.
“We have stabilised the business but are not complacent - we know that we have some distance to go to deliver on the potential of our Group. However, we are confident, given our leading market positions, efficient operations and developing presence in the growing US prepared foods market, that Greencore can realise the returns of which it is undoubtedly capable."
Shares in the company had fallen by 11c or 9.57% to 1.04 on the ISEQ by early afternoon.
