Leading sandwich maker Greencore has reported a £1.8m (€2.1m) loss for the first half of the current trading year ending 26 March. This compares with profits of £27.3m (€31.6m) for the same period last year.
Greencore’s sandwich and convenience food business is dependent on grab-and-go purchases by consumers on the move. Consequently, it was particularly exposed to the lockdown and absence of lunchtime sandwich sales as people worked from home.
This is reflected in revenues for the business being down 19% to £577.1m (€668.7m) compared with £712.7m (€831.6m) in the first half of 2020, prior to the effects of COVID-19. Greencore received £7.1m (€8.2m) assistance from the UK government under the Coronavirus Job Retention Scheme.
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The company described the impact of Brexit, which came into effect on 1 January, as “minimal.”
Markets reacted negatively to the figures with the share falling from £1.71 (€1.98) to £1.42 (€1.65) on Wednesday morning.
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Leading sandwich maker Greencore has reported a £1.8m (€2.1m) loss for the first half of the current trading year ending 26 March. This compares with profits of £27.3m (€31.6m) for the same period last year.
Greencore’s sandwich and convenience food business is dependent on grab-and-go purchases by consumers on the move. Consequently, it was particularly exposed to the lockdown and absence of lunchtime sandwich sales as people worked from home.
This is reflected in revenues for the business being down 19% to £577.1m (€668.7m) compared with £712.7m (€831.6m) in the first half of 2020, prior to the effects of COVID-19. Greencore received £7.1m (€8.2m) assistance from the UK government under the Coronavirus Job Retention Scheme.
The company described the impact of Brexit, which came into effect on 1 January, as “minimal.”
Markets reacted negatively to the figures with the share falling from £1.71 (€1.98) to £1.42 (€1.65) on Wednesday morning.
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