Greencore gets a lift from Uniq and better weather
Greencore has posted an 11% jump in underlying sales for the 17 weeks to 27 January 2012.
Including new business added from its acquisition of Uniq and set against low comparables from last year, when the severe weather badly affected its performance, sales were up by more than 50% over the equivalent period a year ago.
Sales at its convenience division were up 57.2% over last year to £353.8m.
“The growth rates for both Greencore and Uniq are clearly significantly in excess of what we are seeing from grocery generally and this reflects a number of factors,” said Investec analyst Nicola Mallard.
“The group is lapping a period last year which saw some weather-led disruption, especially in food to go. Other factors include Greencore’s exposure to faster-growing areas of the market, such as ready meals. It has also been gaining share in all of its key categories.”
Greencore said was pleased with the performance of Uniq during a period of change and hailed the progress made on integration.
“We expect the general economic and trading environment to remain challenging for the foreseeable future,” the company said in its interim management statement. “However, we remain confident in our ability to deliver good results for the year in line with our expectations.”