Greencore profits slump

Greencore, the Irish convenience food group licensed to make Heinz pickles and Bisto Yorkshire puddings, posted a sharp fall in profits in the year to September 25 as sales declined slightly.Pre-tax profits before exceptions fell to €23.5m from €55.34m the previous year as sales slipped to €1.1bn from €1.3bn. The company said it made a good start to the new financial year with an improving performance in UK convenience foods.'Notwithstanding the recent evidence of recovery in our key UK and US markets we take nothing for granted in an environment where consumer sentiment is both fragile and reactive,' it said. 'However, the combination of our core private label offering and our well invested facilities position us favourably to significantly progress the group over the coming years.' Greencore