Agribusiness falls 12% at Greencore

03 June 1998

Agribusiness falls 12% at Greencore

AGRIBUSINESS turnover at Greencore – the Irish sugar, flour and maltings company – fell by 12% to I£54.1 million for the first half.

This reflected continuing difficulties in the beef-stock and general farming sector. But total turnover of the group rose 23% to I£265m. The consolidation of the contribution of US baker Kears more than offset lower sugar and agribusiness sales.

Total group profits fell 11% to I£25.4m. This was held down by a smaller-than-expected sugar crop at Imperial Holly, the Texas-based cane and sugar beat processor in which it has a 14.1% stake.

• Financial Times 03/06/98 page 25