Sales at Greencore doubled to €1.8 billion with most of the increase coming from the acquisition of British food group Hazlewood, the Irish food and ingredients company said today.
In its full-year results statement, Greencore said substantial progress has been made in restructuring its business since the Hazelwood acquisition was completed in January this year.
These include the sales of Irish edible-fats business James Daly and the loss-making British agricultural machinery distributor Armer Machinery.
Greencore has been reorganised along product divisions - including ingredients, chilled and frozen foods, and ambient grocery, which includes the baked goods, dried soups and bottled sauces.
The company said its disposal programme is on schedule and it is confident of reaching achieving savings of over £7 million per annum by the end of the second full year following the acquisition.
However, the company warned considerable work remained to be done before the full benefits of the Hazelwood acquisition would feed through to bottom-line profits.