29 September, 2006

EU: Greencore’s profit offset by a further decline in the malt business

A stronger than anticipated profit performance in one of Greencore's key divisions, ingredients, has compensated for a continued weakness in EU malt markets, a weakness compounded in the case of Greencore Malt by nearly Euro 4 million of energy price increases, according to details in a trading update issued by the company on September 27th.

Greencore said that despite significant cost pressures, including an energy bill inflated to the tune of €5m, its convenience foods business will deliver annual profit growth of 5pc and that operating profits for the division will be in line with market forecasts of about €68.6m.

"We expect strong second- half trading to compensate for lower profit growth reported in the first half. To date, second-half trading has delivered revenue growth of more than 7pc and operating margin levels that are broadly in line with the prior year," it said.

The second major division, which includes ingredients, agribusiness and related property, is expected to chip in with a further €25.2m in operating profits. This includes the sugar business, which performed ahead of expectations and compensated for a poorer performance by the malt business, where once again the energy bill was a problem, soaring by €4m.

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