Greencore is boosted by its US ambitions

Jubilee-branded sarnies for Sainsbury's and Waitrose and chilli and hot cheese sauce at 7-Eleven stores in the US have boosted sandwiches-to-quiches maker Greencore.

The group, now fully listed in London after moving from Dublin this year, saw revenue up 49.9% to £567.7 million and operating profits up 36.7% to £31.7 million for the six months to March.

In the past year it has bought M&S supplier Uniq and last month bolstered its US business with the acquisition of US food company Marketfare. It is in the process of integrating the new businesses.

Patrick Coveney, chief executive at Greencore, said: “Obviously we are cautious about the consumer market but we are performing better than the overall food market, selling product twice as fast as the overall food sector.

“Our operating profit is good and our margins, on a blended basis, have improved.”

April’s poor weather hit the group but Coveney was optimistic and said: “Despite the tough market conditions, which show no signs of abating, we continue to target strong growth.”

Clive Black, analyst at Shore Capital, said: “With the robust core trading in the UK convenience market, plus the potential for a longer-term delivery in the USA…we deem this to be a very good set of interim results and we reiterate a buy recommendation.”