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Greencore's profits up 15% after Bakkavor acquisition

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Greencore said that the integration is progressing and the organisation has been operating as one business since mid-April.

Irish convenience food manufacturer Greencore has published its financial results for the first six month of its financial year.

It reported revenue growth of 3.2% to £1,318 million and operating profit of 15.3% to £73.3 million.

In January, the London-listed firm acquired fellow supermarket supplier Bakkavor.

The tie-up formed UK's leading manufacturer of fresh convenience foods.

Greencore said that the integration is progressing and the organisation has been operating as one business since mid-April.

The company said it remains on track to deliver at least £80m in annual cost synergies by the end of year three post-acquisition, with a "confident outlook" for the second half.

Dalton Philips, chief executive of Greencore, said the company is focused on bringing a portfolio of more than 4,000 products, adding that the combined business "is in a great place".

"This performance is testament to the focus and dedication of every one of our 28,000 colleagues who create great food, day in-day-out."

"While we continue to monitor macro developments and inflationary impacts from the events in the Middle East, we remain confident in the short-term mitigations we have in place and the outlook for the business."