GNG.L Share News (GNG)

- Revenue up 8.2 per cent- Store openings boost earnings- Pre-tax profit up 20.5 per centConvenience store food producer Greencore Group reported an 8.2 per cent rise in first half revenue to 619.8m pounds, driven by store openings by major retailers. The company said a rise in employment and a milder winter also boosted revenue in the six months to March 28th, despite a challenging UK grocery market. Group operating profit jumped 14% to £37.2m and margins rose 30 basis points to 6%. Adjusted pre-tax profit increased 20.5% to £30.7m and earnings per share grew 18.6% to 7p and the company achieved a strong market position in the UK across food-to-go, chilled prepared meals, chilled soups and sauces, ambient sauces and pickles, cakes and desserts and Yorkshire Puddings.The group's food-to-go business in the US is fast growing, serving the convenience, small store and grocery channels."Our strategy of focusing on the food-to-go market is working well in both the UK and the US," said Chief Executive Patrick Coveney."Over the past six months we have stepped up our strategic investments in Minneapolis, Jacksonville, Rhode Island and Northampton to support confirmed new business with several large customers. These investments, as well as the strong trading momentum that we are seeing across our group, have left us well positioned for further growth in the months and years ahead."RD