Ingredients & Property Division Now Accounts For Less Than 5% Of Greencore Group Activity

Greencore has continued its move away from its Irish Sugar origins, with the news that its Ingredien…

Greencore has continued its move away from its Irish Sugar origins, with the news that its Ingredients and Property division, which includes the former sugar processing sites in Mallow and Carlow, now accounts for less than 5% of Group activity.

The convenience foods giant made the announcement in its Q3 interim management statement, issued this morning, which said that Ingredients and Property recorded revenues of £15.9 million in Q3, 18.2% lower than last year on a constant currency basis.

In contrast, the group's Convenience Foods division saw its revenue rise to £310.5 million, up 9.3% on a like for like basis. In the UK, like for like revenue was 10.1% higher than in the prior year, while in the US, constant currency revenue was up 16.9%.

In the statement, Greencore said, 'While the overall grocery market remained challenging, the food to go market was buoyant throughout the period driven in part by growth in small store formats. Activity with several key customers resulted in the Group outperforming the food to go market. Both the Prepared Meals and Grocery businesses recorded modest improvement in revenue growth trajectory versus H1'.

The company's Q3 period covers the 13 weeks to 27 June.