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Greencore delivers a big bite even before acquisition is baked in

The convenience food maker's quarterly trading numbers are impressive, especially given its major acquisition isn't factored in yet
February 1, 2017

Even without its chunky US acquisition and smaller UK purchase included, convenience food maker Greencore (GNC) delivered a deep-filled sandwich to the market this week.

IC TIP: Buy at 235p

The company saw like-for-like revenue rise an impressive 9 per cent to £417m for the 13 weeks to 30 December, numbers that exclude its Sandwich Factory acquisition last July and the most recent purchase of US business Peacock Foods.

With total command of Sainsbury's food-to-go business, up from a 50 per cent share previously, and a greater level of business from key customer M&S secured last year, the strong performance was perhaps to be expected.

The US division's performance - an 8 per cent like-for-like sales rise - was particularly impressive and creates a solid business alongside its Peacock Foods acquisition.