Business

Greencore achieved a pre-tax profit in the first half of the year

Greencore Group PLC GNC,
+4.47%
on Tuesday reported a swing to pre-tax profit for the first half of fiscal 2022 and said current performance in the second half is positive.

The London-listed convenience food maker posted a pre-tax profit of £1.0m ($1.3m) for the 26 weeks to March 25, compared with a loss of £1.8m over the same period of the previous year.

Sales rose 34% to £770.8 million thanks to strong growth in food-to-go and other convenience categories, the company said.

“The Group is encouraged by the momentum in revenue and earnings conversion for the first seven weeks of the second half in what remains a challenging environment and as the Group enters its peak seasonal trading period,” she said.

Shares were up 7.80p, or 7.3%, at 0708 GMT to 115.10p a share.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

https://www.marketwatch.com/story/greencore-group-swung-to-1h-pretax-profit-recovery-trends-continue-271653376819?rss=1&siteid=rss Greencore achieved a pre-tax profit in the first half of the year

Brian Lowry

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