Penny-pinching consumers are increasingly making their own sandwiches rather than buying pre-packs, according to Europe's biggest sandwich manufacturer, Greencore.

Harsh challenges lay ahead for its prepared foods arm, said chief executive Patrick Coveney. "We are under pressure from the make-your-own-lunch trend."

In its preliminary results, Greencore unveiled overall sales up 13% to £1.08bn in constant currency terms but blamed overcapacity in ready meals and high commodity prices for profit falling 1% to £42m in its convenience category.

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