Greencore had 'breakthrough' year

Convenience food group Greencore has reported a “breakthrough year” with both revenues and profits increasing by more than a third.

The group attributed a 44.5 per cent growth in reported revenue to £1.16 billion to “business momentum” and the acquisition of UK sandwich and dessert-maker Uniq last year for some £113 million.

Greencore said group operating profit increased by 37.3 per cent to £70.7 million.

However, net debt increased from £139.8 million to £258 million following the Uniq deal and others in the US.

Greencore chief executive Patrick Coveney said 2012 had proven to be a “breakthrough year” for the group.

“The acquisition of Uniq has reshaped the performance, scale, capability and long-term prospects of our group, with all elements of the targeted benefits now delivered,” he said.

“More broadly, our strategy, enlarged portfolio and team are working well as we continue to build out industry leading convenience food businesses in the UK and increasingly in the US.”

The group said that it felt well positioned to deliver further growth next year, despite increasingly challenging consumer conditions, little industry expansion and increasing levels of retailer competition.