StockMarketWire.com - Greencore made a weak start to the second half as sales slumped on a decline in food-to-go demand.

The convenience food manufacturer also reported a fall in first-half adjusted profit owing to the impact from the Covid-19 pandemic.

For the 26 weeks ending 27 March 2020, adjusted pre-tax profit fell 17.5% to £31.1m on-year as revenue slipped 1.6% to £712.7m.

In the first six weeks of the second half of 2020, weekly demand in the group's food-to-go categories declined by up to 70% and was currently less than 60% below prior-year levels, while cooking sauces saw growth of 5% from prior year levels, the company said.

Group revenue was now approximately 60% of prior year levels on a proforma basis, it added.

The company rolled out numerous cost mitigating measures to boost liquidity including temporarily shutting its Bow, Atherstone and Heathrow facilities.

'The impact from the full suite of mitigating actions is now returning the group to modestly positive earnings (EBITDA),' the company said.



At 9:21am: [LON:GNC] Greencore Group PLC share price was -5.3p at 145.8p



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