Greencore sales rise after Uniq acquisition

By Oliver Nieburg

- Last updated on GMT

Greencore sales rise after Uniq acquisition

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Irish convenience foods manufacturer Greencore saw its sales soar in its first quarter interim results driven by its recent acquisition of Uniq.

The company’s sales climbed 49.9% to £567.7m for the 26 weeks ending 30 March, while operating profit rose 36.7% compared to the same period last year to £31.7m.

Uniq boost

Greencore CEO Patrick Coveney said: “Our business has performed strongly in the first half of 2012. The acquisition of Uniq last year has reshaped our Group and we are on track to deliver all of the targeted integration benefits.” 

Greencore acquired UK convenience food group Uniq in July last year for £113m. The company said that it was on-track to integrate Uniq and plans to transfer production of premium dessert lines from Minsterley to Evercreech by December this year.

Uniq contributed heavily to Greencores’s Food-to-go segment in the UK. The business accounted for 40% of convenience foods revenues in the UK through sandwiches, sushi, and snack and side plate salads.

‘Overcapacity’ in cake market

Greencore’s cakes and desserts business also delivered growth during the period as input cost inflation partially recovered.

However, the company warned that: “The category continues to suffer both through input cost inflation and industry overcapacity.”

Building platform in US

Greencore claimed it had been making progress in the US.

“We have continued to reshape our portfolio, in particular in the US with the acquisition of MarketFare Foods in April,” ​said Coveney. 

“This acquisition represents the next step in building a business of real scale in the US and strengthens our position in the food to go / convenience store channel,”  ​he continued.

Greencore acquired US sandwich and snack firm MarketFare Foods last month for $36m as it sought to strengthen its partnership with retail outlet 7-Eleven.

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