Greencore confident for rest of year

25th May 2010 07:47

Ready made meals supplier Greencore served up a half year pre-tax profit compared a loss the year before and said the second half had started well.The group reported a pre-tax profit of €11.8m for the half year ended 26 March 2010 compared to a loss of €37.8m the previous year. Revenue rose to €434.5m from €425.5m the year before. Commenting on the results, chief executive Patrick Coveney said, "Our business is performing very strongly with operating profits up 43%, EPS up 15%, debt down by 42% and a positive outlook for the rest of the year."Over the last six months the group has completed the disposals of its Malt and Water businesses as it focuses on ready made food in the UK and US. Sales grew 27% in US compared to first half of 2009."Trading in Convenience Foods was very strong, albeit against a weak comparative in the first half of 2009. The second half of the year has started well and we remain on track to deliver good operating profit growth in FY'10," Conveney added.The interim dividend remains at 3 cents per share.