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Greencore sees strong start to 2012

Greencore expects conditions to remain challenging
Greencore expects conditions to remain challenging

Greencore has reported a strong start to its financial year with headline revenue growth of 52.6% and core underlying growth of 11.2% in the 17 weeks to January 27, 2012.

The group is no longer listed on the Irish Stock Exchange and is now quoted in sterling on the London Stock Exchange.

In an interim management statement ahead of its AGM today, it says it expects the general economic and trading environment to remain challenging for the foreseeable future, but remains confident in its ability to deliver good results for the year.

Greencore said its convenience foods division recorded revenue of £353.8m sterling, up over 57% on the previous year. It added that its ingredients and property division is performing in line with expectations with revenues up by 3.2%.

The company added that the integration of the Uniq business continues to progress in line with its plans. It said its balance sheet remains strong ''with sufficient headroom in our committed facilities to meet the needs of the business''.