04 December 1998
Greencore looks to buy

IRISH agribusiness giant Greencore is looking for acquisitions in the malt business.

Greencore is the fifth-largest malt producer in the world and the largest in the UK.

The company believes several other players in the market are losing money and ripe for takeover.

Greencore reported a 17% rise in pre-tax profit to IR£58 million (£52m) for the year to 25 September.

The companys core sugar business suffered from green Pound fluctuations caused by a fall in the mark against the Irish currency.

Sugar sales were down 7% to Ir £147m but profits rose Ir £1.5m to Ir £27.5m.

Greencores agribusiness operation showed a marginal profit increase to Ir £22m thanks to contributions from the acquisition of Pauls Malts and strong milling and baking performances.