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Greencore Q1 revenue down 15% as lockdown dents performance in food to go categories
StockMarketWire.com
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Convenience foods manufacturer Greencore reported a 15% fall in revenue in the first quarter, reflecting the impact of Covid-19 related restrictions on demand in its food to go categories.
For the 13 weeks to 25 December 2020, revenue fell to £312.7 million, down 15.0% year-on-year.
A further national lockdown was introduced on 4 January 2021 and, as a result, group revenue was currently 20% below prior year levels, the company said.
Pro forma revenue in the group's food to go categories was currently running approximately 35% below prior year levels, while performance in the group's other convenience categories was 'stable' year on year, it added.
'The group will continue to proactively manage costs and cash flow through the duration of the current lockdown, while also preparing for recovery and growth as mobility restrictions begin to ease,' the company said.
Greencore will report its half-year results on 25 May 2021.
Story provided by StockMarketWire.com
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