LONDON (ShareCast) - (Sharecast News) - Convenience foods manufacturer Greencore saw revenues decrease during a "challenging quarter" for the UK grocery sector.
Reported revenues from continuing operations dropped 2.9% to £365.0m in the three months ended 28 June, primarily reflecting the impact of site disposals and business exits. On a pro forma basis, revenues increased 0.8% in the quarter.

Year-to-date, Greencore's reported revenue from continuing operations came to £1.06bn, a decrease of 4% year-on-year.

However, the FTSE 250-listed group's food-to-go unit reported a 0.6% year-on-year improvement in revenues to £250.6m, all of which was driven by underlying product revenue growth.

Looking forward, Greencore said it was "performing well" against its strategic and financial objectives, despite the soft underlying revenue growth in the third quarter.

"The final quarter represents a seasonally important period for Greencore and the group continues to anticipate growth in adjusted operating profit for the full-year supported by underlying revenue growth and a good operational performance," said Greencore.

As of 0850 BST, Greencore shares had slumped 4.89% to 214.10p.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE