StockMarketWire.com - Convenience food supplier Greencore said its annual profit more than trebled as higher margins offset a fall in revenue from site disposals and exits.

For the year ending 27 September 2019, pre-tax profit jumped to £56.4m on-year, but revenue fell 3.5% to £1.4bn.

Adjusted operating margin rose by 30 basis points to 7.3% amid a positive performance in the company's food-to-go categories and its efforts to broaden its category and channel reach.

Greencore also announced that Peter Haden would step down as an executive director at the end of the year and leave the group on 12 April.

'The group's medium term financial ambitions are for mid single-digit organic revenue growth, high single-digit adjusted earnings per share growth, the conversion of half of its adjusted earnings to free cash flow and for mid-teen return on capital invested,' it added.

At 8:01am: [LON:GNC] Greencore Group PLC share price was -7.5p at 240.8p

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