Food giant Greencore has today announced pre-tax profits which are down by more than €30 million for the year ending September 25th, 2009.
The company recorded pre-tax profits before exceptional items of €23.5 million as against €55.3 million for the same period a year earlier.
Announcing its full-year results this morning, Greencore said group operating profit rose 7.9 per cent to €72.9 million on a constant currency basis.
The company said a 13 per cent decline in average currency exchange rates resulted in its operating profits being reduced by €9.1million.
Group sales fell 0.8 per cent over the year to €1.1 billion over the year.
Adjusted earnings per share of 17.4 cents were in line with the previous year on a constant currency basis, it said.
The company said a final dividend of 4.5 cent per share would result in total dividend for the year of 7.5 cent per share.
During the year Greencore said it saw a recovery in its convenience division with sales in continuing businesses of €794.4 million. Operating profits rose 14.1 per cent on a constant currency basis, the firm said.
Overall, the convenience division accounted for 64 per ent of group operating profit.
Sales in Greencore's ingredients business fell 8.2 per cent over the year.
Last Friday the company announced it is to sell its loss-making bottled water division to British water company Highland Spring in a deal worth almost €20 million (£17.5 million).
Greencore said its British business performed well after a weak first quarter with most categories delivering good earnings growth year-on-year while its US business continued to make headway almost doubling its contribution to group operating profit over the 12-month-period under review.
The group said it anticipated modest earnings growth in 2010 as its main markets improved.
Commenting on the results, Patrick Coveney, group chief executive said the company had performed well despite the difficult trading conditions.
"This has been a year of real achievement in the face of considerable headwinds. Most importantly, we have driven significant performance improvement in our core convenience foods business - performance that improved with each passing quarter," he said.
"While of course there remains a lot to be done, our strategy is clear and we are encouraged by the progress that we are making in all areas," Mr Coveney added.
