Greencore profits seen ahead of expectations

13th Aug 2009 07:49

Irish ready meals supplier Greencore said it expects to deliver full year operating profit modestly ahead of last year on a constant currency basis, albeit with some seasonally significant weeks remaining.The group said trading in the first ten months of 2009 has held up well in challenging conditions, with operating profit ahead of the same period last year on a constant currency basis. "Overall, the Group is on track to deliver the current consensus of market expectations of 16.4 cent at the adjusted EPS level for FY09," it said.In the four months to July, Convenience Foods sales from continuing businesses were up 2.5% to €278.1m. The UK portfolio was ahead by 1.8% overall with increases in food-to-go, prepared meals and ambient cooking sauces offsetting a decrease in cakes & desserts. US business underlying sales is up 43% ahead of last year but continental European sales were behind by 9%, reflecting a weaker consumer environment in The Netherlands.The group said while sterling has recovered somewhat against the euro in recent weeks, the average rate in the four months to July 2009 was 9.3% weaker than the same period last year.