Convenience food manufacturer Greencore (LON:GNC) issued a positive trading update on Tuesday morning, with revenue for the final quarter of 2017 expected to rise over 50 percent.
The group recorded revenue of £640.5 million in the 13 weeks to 29 December 2017, a rise of 53.6 percent on a reported basis.
Its convenience foods business in the UK & Ireland reported first quarter revenue growth of 9.2 percent to £385.4 million, up 8.7 percent on a pro forma basis.
In the US the group’s convenience foods division reported Q1 revenue growth of 297.0 percent to £255.1 million, with the extraordinary rise largely reflecting the acquisition of Peacock Foods at the end of December 2016.
Looking forward, the group said it “anticipates delivering a year of strong growth in FY18 and is well positioned to drive improved profitability, cash flow and returns over the medium term.”
“Recent GBP/USD foreign exchange movements, if sustained, would have an adverse impact on translated US profits”, it added.
Shares in Greencore are currently trading up 2.27 percent at 206.80 (0823GMT).
