Greencore bumps up the annual dividend

Greencore (GNC) the convenience food producer, reported pro-forma revenue growth of 2.6 per cent, driven by an improved performance in its food-to-go business, although the reported top line contracted as a result of site disposals and exits in the period. We're normally sceptical about weather-related effects – an overworked determinant – but sales patterns in the food-to-go sector do suggest the group is vulnerable to UK weather patterns. In the first half, like-for-like sales were up 7 per cent, but decelerated in the second half to 0.3 per cent.