Greencore reveals half year loss

26th May 2009 07:29

Irish ready meals supplier Greencore served up a half year loss but remains confident over the medium term as its increases business in the US.For the half year ended 27 March 2009 the group posted a pre-tax loss of €27.3m from a profit of €24.4m the same time a year earlier. Group sales fell to €550.2m from €648.7m the year before. Commenting on the results, chief executive Patrick Coveney said, "Trading in the first half of the year has held up well in challenging conditions. We remain on track to deliver operating profit in line with 2008 on a constant currency basis, albeit with the seasonally more important summer period to come."The Convenience Foods division, which accounted for 64% of group operating profit in the first half of 2009, "delivered a resilient performance in a very challenging consumer environment."Operating profit in continuing businesses rose 6% to €19.6m on a constant currency basis. It fell 12.1% after the impact of currency translation."The UK, in particular, has been a challenging environment with weaker consumer demand generally," Greencore said.