Greencore To Report 'Sustained Revenue Progress' In Q3

Greencore announces its Q3 results tomorrow (July 29th), and Davy Stockbrokers has said that it expe…

Greencore announces its Q3 results tomorrow (July 29th), and Davy Stockbrokers has said that it expects the convenience food giant to post "sustained revenue progress" for the period.

In a broker report, Davy said that Greencore "is well placed ahead of key capacity additions in both the US and UK. We remain comfortable with FY 2014 forecasts."

For the full year, Davy is forecasting revenue growth of 6.2% and operating profit growth of 11% for Greencore's Convenience Foods division, which is "Greencore’s highest-margin business."

It added that the company has announced a number of "major capacity developments" in the UK and US, including a £30 million investment in its Northampton facility. This "will strengthen Greencore’s position in the sandwich category in the UK – clearly revenue enhancing over time."