(Alliance News) - Irish convenience foods company Greencore Group PLC on Tuesday reported "good strides" in its first quarter, and reaffirmed annual guidance.
For the 13 weeks to December 27, revenue was 1.8% higher at GBP167.8 million. On a pro forma basis, which adjusts for acquisitions and exits, revenue was up 0.7%.
Food-to-go revenue was 4.5% higher, and 0.5% pro forma, at GBP240.9 million. Other food category revenue fell 3.0%, but rose 0.9%, to GBP126.9 million.
This fall reflects the exit from longer-life ready meal making at the Kiveton facility in Sheffield.
Dublin-based Greencore has started its year on plan, it said, and has guided for further profitable growth in 2020. It will continue looking at acquisitions, it added.
Chief Executive Patrick Coveney said: "We continue to make good strides in the diverse, attractive and growing UK food to go market. Our strategy to drive growth, to deepen customer relevance and to pursue a distinctive and repeatable way of working is well embedded across the business.
"Following a steady start to 2020, we look forward to delivering a year of profitable growth."
In a separate statement, Greencore announced the appointments of Helen Weir and Paul Drechsler as non-executive directors, effective from the starts of February and May respectively.
Weir was finance chief at food and clothing retailer Marks & Spencer Group PLC between 2015 and 2018 and was head of finance at John Lewis Partnership before that. Drechsler is a former chief executive of Wates Group, a construction firm.
Greencore shares were 0.7% lower on Tuesday morning in London at a price of 246.60 pence each
By George Collard; georgecollard@alliancenews.com
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