Organic growth was impressive too, UK & Ireland sales were up 12% on a pro forma basis year-on-year. Adjusted operating profit rose 2.6% to £106m as the US business posted a revenue rise of 5.9% on a pro forma basis, while operating profit was £33.3m compared to a loss of £2.1m in the previous year. This strong organic growth suggests that once Peakcock Foods is fully settled in, management should be able to continue grow sales in the US as well as at home in the UK, so the company definitely has scope to grow.
Encouragingly, the sector is also looking tasty. A squeeze on consumer spending has failed to stop the publics hunger as food sales, particularly fresh foods - Greencore’s staple, enjoyed a bountiful Christmas. Most of the major supermarkets reported strong growth in grocery sales, which grew 3.8% nationally.