Greencore full year profit rises as convenience-led strategy pays off

Food group Greencore reported an increase in full year profit and revenue and raised its dividend thanks to growth in its UK and US markets.

For the year ended 25 September, pre-tax profit came in at £59.4m from £44.4m last year as revenue rose to £1.34bn from £1.27bn. Operating profit was up 10.6% to £91.7m.

The company declared a dividend of 3.75p per share, giving a total dividend of 6.15p per share, up 12.8%.

Chief executive Patrick Coveney said: "Greencore has had another strong year and our clear food-to-go led strategy has continued to drive growth in both the UK and US markets.

“We increased our investment in major capacity and capability improvement projects during the year, in each case underpinned by long term customer relationships. Our strategy, momentum and pipeline of opportunities leave us well placed to deliver further progress in FY16 and beyond."

Greencore delivered 6% like-for-like revenue growth in Convenience Foods, 11% group operating profit growth and recorded its fifth consecutive year of double-digit growth in adjusted earnings per share.

At 0905 GMT, shares in the company were down 2.5% to 315.10p.