Greencore Reports A 'Strong Second Half' In Full Year Results
Checkout Magazine
Ireland's Industry Magazine For The Grocery Retail And FMCG Sectors.
Checkout Magazine
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November 30, 2023
Greencore has reported a 'strong second half', according to its full year results?ended 29 September 2023. According to the?convenience food manufacturer, the group delivered an adjusted operating profit of ￡76.3 million in 2023, which is a 5.7% increase on the previous year. Commenting on the results, Dalton Philips, chief executive officer, said,?“In a challenging market environment, we have stabilised the business, and made good strategic progress. "The group delivered above-market volume growth, despite exiting a number of low margin contracts.We also successfully mitigated and recovered the majority of our input cost inflation through effective operational and commercial initiatives. We are encouraged by our full year 2023 performance and the progress across the business."
Rémy Wants To Fix US Inventory Problems By Year-End, Profits Fall
Rémy Cointreau's CEO recently?said that he aimed to end the year with a "sound" level of stock in the United States but it was unclear when these would start to move, after reporting a 43% fall in first-half operating profit. High levels of unsold inventories in Rémy's key market have become a key issue for watchers of the French spirits group, which makesRemy Martin cognac and Cointreau liqueur, after they contributed to a cut in full-year guidance in October. Americas, led by the United States, account for about half of the group's sales and the US market is critical for its overall performance.The company's US sales have fallen as retailers and wholesalers try to clear their elevated inventories following a post-pandemic boom for Rémy. That was exacerbated by a squeeze on their finances that left them less willing to hold Remy's slower-moving brands, and heavy discounting from competitors.
Primark Invests Over €50m In Five New Stores In Italy
Primark (which trades as Penneys in Ireland) has announced that it has invested over €50 million in its Italian business. The investment includes five new stores in the Italian cities of Turin, Livorno, Cosenza, Salerno and Genoa, and will bring Primark’s total footprint in the country to 20 stores. Alongside its ambitious growth plans in the market, Primark noted that it will create around 600 new retail roles across Italy, increasing the Italian workforce to over 5,000 employees. Primark opened?its first store in Italy eight years ago, in the Il Centro shopping centre, in Arese, Milan. Since then, the retailer has expanded its presence across the country. Luca Ciuffreda, the director of Primark Italy, said, “Over the past eight years, Primark has seen significant growth across Italy – already we have 15 stores across ten provinces, with no intention of slowing down."
O’Hanlon Herbs – A Hotbed Of Innovation
O’Hanlon Herbs have been growing and supplying fresh herbs to Irish retailers since 1988. Managing director Tom O’Hanlon talks to Maev Martin about the Irish consumer’s growing love affair with fresh herbs and the company’s latest NPD initiative with Love Irish Food. O’Hanlon Herbs business journey began in a small suburban back garden in Co Dublin, where they provided fresh potted herbs to markets. Within four years, the operation moved to a greenfield site in Glenealy, Co Wicklow where they began commercial herb production to meet growing consumer demand. They then trialled their products with a major retailer, which led to the brand taking up permanent residency on the retailer’s shelves. “This was the first time that Irish consumers had a chance to see fresh herbs in the shop window!” said O’Hanlon.
The Plant-It Food Co - From Meat-Free Alternatives To Ready Meals
As part of our Meet the Makers series with Love Irish Food, Maev Martin talks to The Plant-It Food Co’s global chief commercial officer Eoin Kennedy about how its name change, brand transformation and product re-positioning is landing with consumers. The Plant-It Food Co’s new brand and new range is the culmination of 12 months of consumer research in the UK and Irish markets. The company is now offering a range of healthy and nutritious meals that are inspired by recipes from all over the world, with influences from Indian, Asian, and Mexican cuisine. “When the company was launched in the market in 2021, we were easily identified by our predominantly yellow packaging, and our range featured a wide variety of meat-free products, including burgers, goujons, and fillets,” said Kennedy. “In 2022, we took a step back and decided to do a complete reset of the business."
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