Greencore shares up as FY forecasts lifted

(Sharecast News) - Shares in Greencore rose on Wednesday as the Ireland based convenience food company upgraded full-year earnings guidance as it reported a rise in revenue and continued improvement in profit conversion. It now expects full-year adjusted operating profit to be in a range of £88m - £90m, up from previous forecasts of £86m - £88m.

Britain's biggest sandwich maker said revenue was up 1.4% on a like-for-like basis. Sales were down 6.1% on a reported basis for the three months to June 28, reflecting Greencore's exit from of a number of low margin contracts last year and the disposal of the Trilby Trading business.

Greencore, which supplies major supermarkets such as Aldi, Asda, Morrisons and Sainsbury's was last month forced to recall 45 different items from the shelves as a precautionary measure after an E.coli outbreak that hospitalised 67 people.

Reporting by Frank Prenesti for Sharecast.com