Geest has released its preliminary results for the 52 weeks to December 28, 2002, which indicate a sales growth of 15 per cent. A top-line statement from the company pulled out the following highlights.

• Strong sales growth of 15 per cent to £762.0 million (2001: £663.8m) • EBITDA growth of 10 per cent to £73.9m (2001: £67.0m) • Profit before interest and tax growth of two per cent to £44.3m (2001: £43.5m) • Earnings per share up 10 per cent to 43.4p (2001: 39.6p) • Capital expenditure of £47m and on track to spend £50m in 2003, reflecting continuing opportunities in Geest's markets • Market for fresh prepared foods continues to grow • 600 new products launched, maintaining innovation momentum • Final dividend of 11.75p up 10 per cent, making a total of 19.0p (2001: 17.3p) up 10 per cent • Acquisition of Crudi since the year end strengthens leafy salads business in France and allows opportunities in Spain Commenting on these results and the Group's prospects, Geest's chairman Sir John Banham said: 'As we had previously indicated, 2002 was not without its issues for Geest. Nevertheless, we continued to see good sales growth reflecting strong consumer demand for fresh prepared foods in the UK and elsewhere in Europe, alongside a step jump in our whole head produce business. In addition, under our new Chief Executive, we have taken a number of actions to improve the delivery of our strategy to ensure the sound future development of the Group.

'We remain focused on the fresh prepared food market where growth, currently running at nine per cent in the UK, will easily outstrip that for the food sector as a whole. With its valuable market positions, high quality products and facilities and its innovative abilities, the Board is confident in Geest's future growth prospects, as reflected in the continued improvement in its dividend.'

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