Greencore, the Irish foods company, recorded a 15 per cent drop in profits, with its sandwich and convenience food business hit by higher wheat costs and adverse currency movements.

Pre-tax profits for the year to September 26 fell from €65m to €55.3m (£46.9m). This is before adding an exceptional gain of €9.2m, largely made up of a restructuring charge of €12.4m and an €18.9m gain related to compensation from the European Commission from the closure of its sugar beet operations.