Greencore has reported another quarter of strong sales growth, with like-for-likes climbing 7.5%.
The own-label supplier said sales rose to £326.4m in the third quarter ending 27 June. It said that although the overall grocery market was challenging, the food-to-go market was buoyant – driven in part by the growth of smaller-format stores.
Greencore added its prepared food and grocery sales recorded a modest improvement in growth against the first half of the year, although it did not disclose numbers. In the first half, it reported 0.3% growth in prepared food sales and 1.6% growth in grocery sales.
In the US, constant currency sales grew by 16.9% on last year – including the contribution from Lettieri’s, acquired in February. After exiting some non-core categories from its acquired businesses, like-for-like growth was 4%.
Greencore said it had completed the extension of its Jacksonville plant and that the first shipments took place this month.
During the quarter, it also completed the disposal of its foodservice desserts business, Ministry of Cake, for £8m in cash and a deferred consideration of up to £3m.
And it concluded an agreement in connection with the sale of residential land in Littlehampton, West Sussex. Net proceeds of about £16.5m were expected in the current financial year, it said