Greencore has adjusted its expectations for the year, as it envisages better operating profits and a reduction in the group’s tax burden.
Its convenience foods division has suffered due to the wet summer in the UK, which has driven up the price of raw materials.
In a trading statement released today, Greencore says it now sees a decline of just 8% on operating profits for this year, but is predicting a better performance in 2008.
Key to this improvement will be agreed changes to the prices it charges customers and a number of commercial initiatives which are due to be delivered.
Greencore sold 50% of its holding in the Odlum group to Origin Enterprises in August.
The company has made progress in the planning process for development of its Mallow site, and it is awaiting feedback from Carlow County Council on its 'Carlow Gateway' submission.
