GREENCORE was the star performer this week with bumper annual trading results, leaving the former Irish Sugar Company well positioned to record another year of significant growth. In its financial year to the end of September last, the sugar cum agri-business grouping returned a 16 per cent increase in pre-tax profits to £54.6 million, a result further sweetened by the profits increase being achieved on the back of a mere 5 per cent increase in turnover to £459 million.

The sugar business remains both a massive cash flow and profit generator producing healthy operating margins of 20 per cent. Chief executive David Dilger is expecting a good sugar beet crop this year with yields reckoned to come in at around 20 tons an acre, offering an anticipated sugar content of 17 per cent. Annual tonnage is expected to be in the order of 220,000 tons.

The group remains in a strong financial position. Shareholders funds without the benefit of any large share issue, have risen steadily to a current £238 million and the group ends the financial year with insignificant debt. The Greencore share price jumped 8p to 370p on the results. Industry analysts consider that, given the group's sound financial structure and trading potential, the equity looks certain to move higher.

For shareholders total dividends are increased 15.3 per cent to 6.8p, well supported by a 16 per cent growth in earnings per share to 25.7p.