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Greencore shares jump as Peacock buy boosts figures

Sandwiches - Greencore
Sandwiches - Greencore

Shares in sandwich maker Greencore have shot up more than 10pc after the firm reported a sharp rise in revenues in the first half of the year.

The Dublin-based company said its $750m acquisition of US firm Peacock Foods in November last year had helped push its revenue up 46pc to just over £1bn in the six months to the end of March. Revenues in the US arm grew 220pc to £324.6m for the period.

Shares in the firm jumped as much as 10.47pc on Tuesday to 251.1p.

Buying Peacock, which was the largest deal Greencore had ever done, meant it has been able to add new product lines in areas such as salad kits and frozen breakfast foods like 

More importantly, it now has access to new sales channels and major customers, including Tyson Foods, KraftHeinz and Dole.

Greencore 3-months share price

Patrick Coveney, chief executive of Greencore, said the last six months had been a “transformational period” for the business.

“The enhanced capabilities, product offerings, and customer relationships that have been added to the group in a short space of time, combined with the strength of our underlying business, mean that we are confident of making further progress in 2017 and beyond,” he added.

Annual sales for the company are expected to double between 2016 and 2018, Greencore said, as it continues to expand in the US and improves its UK food-to-go business.

In the UK, Greencore also supplies foods such as Yorkshire puddings, cakes, cooking sauces and oils to a variety of corporate customers.

It said it has so far been able to offset the impact of inflation brought about by the weakened value of sterling, although the cost of its materials in the UK increased by around 2pc since the autumn.

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