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Greencore reports strong start to H2 after swinging to H1 loss on pandemic impact
StockMarketWire.com
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Convenience food maker Greencore reported a strong recovery since the start of the second half of the year amid easing restrictions after swinging to a loss in the first half.
In the first seven weeks of the second half of 2021, pro forma revenue was approximately 64% above prior year levels and approximately 5% below equivalent pre-COVID levels in FY19
Pro forma revenue in food to go categories was running at approximately 123% above prior year levels and approximately 14% below the equivalent pre-COVID levels in FY19.
The stronger start to the second half pales in comparison to the first half, with restrictions weighing on demand.
For the 26 weeks ending 26 March 2021, pre-tax losses were £1.8 million, compared with a profit of £27.3 million year-on-year as revenue declined 19.0% to £577.1 million.
Revenue was driven lower by 'the reduction in consumer mobility as a result of tiered restrictions and lockdowns in the UK,' the company said.
Looking ahead, Greencore anticipates that a 'continued reopening of the UK in line with the current roadmap and a consequential rebuild of group Revenue would be expected to generate a FY21 adjusted operating profit outturn above FY20 levels.'
At 8:07am: (LON:GNC) Greencore Group PLC share price was 0p at 120p
Story provided by StockMarketWire.com
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