Food company Greencore has said it expects to benefit from the Trump administration's tax reform in the US. 

In a trading statement today, Greencore said it will record a one-off tax credit of $28m as a result of the tax changes.

"It is also expected that Greencore will benefit from the lower rate of corporate income tax on future taxable earnings in its US business," the company said. 

Greencore reported revenue of £640.5m in the 13 weeks to 29 December 2017, an increase of 53.6% on a reported basis. 

It said it anticipates a year of strong growth and is well positioned to drive improved profitability, cash flow and returns over the medium term.

But it added that recent sterling-dollar foreign exchange movements, if sustained, would have an adverse impact on translated US profits.

Yesterday, the company said it had agreed a deal to sell its cakes and desserts business in the UK to Bright Blue Foods, one of the UK's biggest cake manufacturers. 

The company said the sale, together with the announced closure of the desserts facility in Evercreech, marked its exit from the UK cakes and desserts sector.