Dublin-headquartered convenience food group Greencore said on Monday that it expects full-year revenues to fall by 14 per cent, as it pointed to an ongoing improvement in demand for its products. In a trading update for the fourth quarter and the full year ended September 25th, the sandwich maker said it anticipates revenues for the full year of about £1.3 billion (€1.4 billion), down by 14 per cent on the prior year. While revenues fell by 36 per cent in the third quarter, it improved in the fourth, declining by 19 per cent amid recovering demand, chief executive Patrick Coveney said. Greencore said that adjusted earnings will be about £85 million for 2020, after charging in excess of £10 million of non-recurring Covid-19 related operating costs. Greencore is the largest manufacturer of pre-packed sandwiches in the UK and supplies most of the big retail multiples, including Marks & Spencer, Waitrose, Sainsbury’s and Tesco.

Source: The Irish Times October 05, 2020 06:47 UTC