Greencore Group plc is a leading international manufacturer of convenience foods. We have 22 convenience foods manufacturing sites in the UK and the US; and employ in the region of 12,000 people.

The Convenience Foods Division provides a wide range of chilled, frozen and ambient foods to major retail, manufacturing and foodservice customers in the UK and Ireland, as well as many in Continental Europe, the US and beyond. We have long-standing experience in customer brand as well as providing a selection of house and licensed brands. The Division consists of six manufacturing category businesses comprising 15 sites in the UK and seven in the United States. We also operate a UK nationwide chilled van distribution fleet to service individual outlets.

The Ingredients & Related Property Division comprises Trilby Trading and associate molasses companies as well as a specialist property team that is working to maximise the value of the Group's property assets.

At Greencore, we aim to provide a distinctive approach that combines consumer understanding with customer care and a passion for providing the very best products and service.


In 2011 Greencore became a founding member of the British Irish Chamber of Commerce.
Welcome from Group CEO




http://www.greencore.ie/

31 July 2012
Greencore Group plc - Interim Management Statement

http://www.greencore.ie/assets/docs/Greencore_Q3_IMS_-_July_31_2012_final.pdf

Convenience food producer offers solid growth prospects and material rerating scope.

A very grudingly valued convenience food producer Greencore produces its numbers for the year to September forthcoming 27 Nov. The results could prompt a rerating
as the company highlights positive trading in the UK and US and reminds the market of its commitment to pay down debt.
Guided by chief Exec Patrick Covenney, the £312 million cap is a leading uk convenience food market player whose strenghts include a strong product portfolio
and broard customer base. Dublin based headquartered Greencore makes everything from sandwiches and prepared meals to cakes and Yorkshire puddings for the likes of The Co-Op and Asda. The company's market position wasstrengthened significantly by last years £113 million acquisition of salads-to-sandwiches producer Uniq. This strengthened the relationship with Marks & Spencer.
Greencore is building a company of scale in the US, through the takeover of Marketfare (18 Apr) a food to go supplier for 7-Eleven, as well as sushi-to-fresh sandwiches producer Schau (27Jan). At the same time Greencore's UK market position continues to strengthen . The summers acquisition (23 Aug) of International Cuisine a private label chilled ready meals specialist , bought extra capacity in the growing UK market and fostered even closer ties with Asda and The-Co-Op.
Shore Capital believes next months full-year numbers will show 18% growth in earnings per share to 12.4p. For the new fiscal year just began,the broker forecasts 18.5% EPS growth to 14.7p. These estimates leave the shares languishing on a prospective price/earnings (PE) ratio of just 5.4,which looks to low, even allowing for the debt pile. A forecast of the 2012 dividend of 4.1p also implies an attractive yield of 5.1%

Looks good.

Buys in favour of sells today at 4 to 1. Some large buys today, sp up 4.5%

Full Year Results

Greencore will issue its results for the year ended 28 September on Tuesday 27 November.

Growth at a reasonable price is exactly what you will get with convenience food producer Greencore. Making everything from sandwiches to prepared meals and cakes -it is taking market share in a tough grocery sector. Progress in Uk, Ireland and the Us has analysts predicting high-teens earnings per share growth this year, and promising a 5% yield, the price/earnings (PE) multiple of 5.5 will not stay that low for long.

Final Results
HIGHLIGHTS

· Growth of 44.5% in reported revenue to £1,161.9m, due to acquisition activity and business momentum;

· Revenue from Convenience Foods continuing activity1 of £1,036.9m, up by 11.2% or 7.4% excluding the impact of

acquisitions in the year, despite challenging market conditions;

· Group operating profit2 up 37.3% to £70.7m, reflecting the acquisition activity and business momentum;

· Group operating margin of 6.1%, an expected 30 bps decline resulting from the incorporation of Uniq;

· Adjusted earnings3 of £49.2m, up 70.9% and adjusted EPS3 of 12.8p, up 21.9%;

· Net Debt of £258.0m, resulting in a net debt: EBITDA leverage of under 2.5 times on the basis of calculation used

under our financing arrangements;

· Proposed final dividend of 2.5 pence per share, giving a total dividend of 4.25 pence per share;

· Uniq integrated with delivery in line with our business case;

· Established a scale food to go focused business in the US following the acquisitions of MarketFare Foods, LLC

("MarketFare") and H.C. Schau & Son, Inc. ("Schau") and signed a supply agreement with Starbucks



http://www.moneyam.com/action/news/showArticle?id=4491877

Very good set of results, should reflect today ?

On the upside, Greencore Group (Xetra: 881630 - news) added 3.3 percent after the Irish food group reported a 21 percent rise in full-year profit lifted by higher revenue from its core convenience foods business, leading Investec Securities to raise its target price for the stock to 100 pence from 90 pence.

"Greencore has delivered a strong result from its base business and completed the integration of Uniq (Berlin: UGE.BE - news) , delivering synergies earlier than expected. The environment remains challenging, although Greencore expects to grow at a better rate than the UK grocery market. It should also see improvements in its US returns too," Investec (EUREX: INVF.EX - news) says in a note repeating its "buy" stance on the stock.

Interesting chart DC - thanks.

shame I cannot draw them. :-))

A buy in this weeks IC - Greencore looks set to deliver impressive growth and theres a decent dividend yield. Yet despite rising over 80% since January, the shares trade
on under seven times forecast earnings,that's too cheap.

Britain's bread industry turns stale

Supermarkets, hit by shoppers' reluctance to purchase, are pressuring their suppliers for cheaper products.

This winter, British bakeries are also having to deal with a poor wheat harvest caused by wet weather, following on from a spike in grain prices after a drought in the US and a heatwave in Russia.

According to Patrick Coveney, chief executive of Greencore, a leading manufacturer of convenience food for supermarkets, bread prices face "material inflation". The impact of this squeeze is already being felt by some of the UK's most famous food brands.

Hovis, which was created in 1886, will next year close two bakery sites in Greenford, west London, and Birmingham, which were built in the 1950s and 1960s. Alongside the closure of distribution centres by Premier Foods, the owner of Hovis, this will cost 900 jobs.

Interesting about the bread skinny.

05 Dec 2012Greencore Group PLC (2.5 P) ex dividend

12 month high today @97.50.

It would look better if you put a 1 or 2 infront of that 97.50 skinny. lol .

I see it actually uncrossed @98p!

Through a quid on good volume.

Disposal Completion Announcement
RNS
RNS Number : 6942U
Greencore Group PLC
02 January 2013





2 January 2013







Greencore completes disposal of its Minsterley facility to Müller





Further to its announcement of 15 June 2012, Greencore today confirms that it has now completed the disposal of its Chilled Desserts facility in Minsterley to the Müller Dairy UK group ("Müller") (the "Disposal").

A trading update next week (29 Jan) - There could be an upbeat update highlighting market share gains. For the year to Sept, Investec Securities Nicola Mallard forecasts 10.5% taxable profits growth to £60.5 million for 8% earnings improvement to 13.7p a share. Based on these estimates the shares languish on a prospective P/E ratio of around eight times. That implies scope for a rerating as debts reduce, while a well covered 4.6p dividend payout, equivalent to a juicy 4.3% yield.

RNS Number : 5380W

Greencore Group PLC

29 January 2013






29 January 2013

Greencore Group plc - Interim Management Statement

"A satisfactory start to the year"



Greencore Group plc ("the Group") today issues its interim management statement for the period to 29 January 2013. Trading information relates to the 13 weeks trading period to 28 December 2012.



Current Trading

Convenience Foods

The Convenience Foods division recorded revenue of £285.8m for the 13 week period to 28 December 2012, 2.5% higher than in the prior year in reported currency and 2.8% higher in constant currency. The revenue growth reflects both the contribution from acquisitions in the period but also the impact of business exited, notably in the former Uniq chilled desserts activity.



In the UK, revenue was in line with prior year on a like for like basis (that is excluding both the acquisition of the International Cuisine business acquired in August 2012 and the impact of the restructuring of the chilled desserts activity acquired as part of Uniq). This reflects both a challenging UK food market where growth rates across our categories have moved down in line with the overall market and also a tough comparator period in FY12 when the business recorded 11.8% growth in the 17 weeks to 27 January 2012.



The restructuring of the Uniq desserts business has now been completed. During the period, the Group announced that it had completed the disposal of its Chilled Desserts facility in Minsterley to the Müller Dairy UK Group.



In the US, revenues have more than doubled versus FY12 reflecting the acquisitions of MarketFare Foods and Schau partly offset by extensive portfolio rationalisation in the original business, principally at the Newburyport facility, in order to improve returns. The acquisitions have performed well in the period with underlying double digit revenue growth. The business has also successfully commenced supply to Starbucks in the greater Boston area during January.



Ingredients and Property

The Ingredients and Property division, which represented 6% of Group revenues in FY12, recorded revenues of £13.1m, 11.6% lower than prior year in constant currency and 17.9% lower than the prior year in reported currency. This was due to the phasing of orders and shipments and our view on the division's potential financial delivery for the year remains unchanged.



Financial Position

The Group's financial position remains robust with good headroom within existing debt facilities. The Group continues to manage cash tightly and remains focused on further de-leveraging throughout FY13.



Board Composition

As previously announced, Mr Gary Kennedy will succeed Mr Ned Sullivan as Chairman after the Annual General Meeting to be held later today. Both Mr Sullivan and Mr Pat McCann will step down from the Board at the conclusion of the AGM. The Group also recently announced the appointment of two Non-Executive Directors, Ms. Heather Ann McSharry and Mr John Warren, with effect from 30 January 2013.




Outlook

Market conditions continue to be challenging, particularly in the core UK market which shows little or no volume growth. We expect this to remain the case for the foreseeable future. However, the Group remains well positioned with a balanced customer portfolio and exposure to faster growing convenience categories. We have good visibility at this stage to the likely impact of input cost inflation for the financial year and expect this to be lower than the 4% experienced in FY12. The Group achieved good operating efficiencies and cost control in Q1 and we intend to maintain this delivery for the remainder of the financial year. We remain confident in our ability to deliver good results for the financial year in line with our expectations.



Conference Call



A conference call for investors and analysts will be held at 8.30am GMT today. Dial in details are below and a replay facility will be available afterwards at www.greencore.com.

Greencore: Panmure Gordon shifts target price from 100p to 110p and downgrades from buy to hold. Investec increases target price from 105p to 125p still recommending to buy.

:-))

Good timing DC - opened -15% after extended auction.

Assuming these guys have got nothing to fear from the horse meat scandal, this looks likely for a pretty big bounce at some point? Or is the drop for another reason?

I think they supply ASDA's beef bolognese - anyway, I've had a small long @82p

Stopped for +6.

Response to Press - Asda Product Withdrawal

Greencore can confirm that it supplied the Chosen By You 350g Beef Bolognese Sauce that Asda has withdrawn following the detection of traces of equine DNA in a screening test. In addition to the 350g Beef Bolognese Sauce, Asda has withdrawn three other Greencore products, none of which contain equine DNA, as a precautionary measure (600g Beef Broth Soup, 500g Meat Feast Pasta Sauce, and 400g Chilli Con Carne Soup). The revenue of the Beef Bolognese Sauce represented c. £0.3 million of Greencore's £1.16bn turnover in its last financial year. The annualised revenue of all products withdrawn represents less than £1.0 million.

The company is currently awaiting the results of further quantitative tests on the 350g Beef Bolognaise Sauce that will validate the presence and the extent of the equine DNA.

The sauce contained meat that was supplied to Greencore under contract by the ABP Food Group's Nenagh plant in County Tipperary, Ireland, an approved and regularly audited supplier. The company is working closely with them to determine the full facts as we await the results of the further tests.

Greencore is committed to maintaining the highest standards of food safety and food traceability, and is therefore extremely concerned that the quality of one of its products may have been compromised in this way. The company is participating in full with the intensive industry testing programme to examine the full supply chain in order to restore consumer confidence.

Broker note today:
"Shore Capital most certainly believes that Greencore is a reputable and professional organisation where we know that the management will be most disturbed by these developments.
We note Greencore has a considerable involvement in the Italian prepared food category, which has been at the centre of the adulteration in the frozen food cabinets to date, we estimate c£70m of annual revenue for Greencore, with c£50m containing beef. The significance of the Asda product withdrawal is that it is the first fresh prepared foodstuff to be embroiled in the present hiatus. We doubt that the Italian prepared food category will see a long-term downturn as a result of the adulteration, albeit in the short term our worry lines are a bit more pronounced.
The whole industry is braced for the outcome of the first batch of broader test results, which the Foods Standards Agency is expected to release today (15th February 2013). The scale of the adulteration to date has proved to be more than a body blow to the food chain. No doubt further disappointment will follow, although new testing procedures are likely to follow this issue, which may be a force for good.
Whilst we await final updates from the product testing, the group’s stock has seen a significant (+14%) markdown. We believe the scale of the downgrade reflects ongoing uncertainty surrounding the short and medium-term impact on sales across the ready meals and sauces categories, the need for clarity with respect to listings and ultimately the impact on profit expectations, rather than the modest sales contribution from the existing delistings.Whatever is found, however, is likely to our minds to lead to prompt action to reinstate authenticity to the supply chain. Therefore, whilst a highly unwelcome development with ongoing nervousness as to the full outcome, we do believe that in due course Greencore and the broader food chain will emerge with a more robust procurement system and so the underlying investment case for Greencore should not be derailed."

Harry - I'm back in.

Waiting to find a link for the test results being mentioned atm.

Here :- Horsemeat scandal: Withdrawn products and test results

Anyone know why the drop.?

I'd like to say your sell yesterday - but ...... see post 31.

I think there will be knee jerk reactions to any bit of news, so think I will just watch for the moment. As the test results are made public, sentiment seems to be very quick to react. Looks like school dinners are the next to test positive, but wouldn't be surprised to find care homes, military camps, university canteens etc etc are all going to find contaminated meat. (Pretty much anywhere which serves meals in bulk).

Thanks harry, only just got in.

Greencore shares plummet as horse meat found in sauce
Fri 15 Feb 2013

GNC - Greencore Group

Latest Prices
Name Price %
Greencore Group 91.75p -10.27%

FTSE All-Share 3,330 +0.09%
FTSE Small Cap 3,684 -0.17%
Food Producers & Processors 6,989 -0.43%

LONDON (SHARECAST) - Horse meat has reared its ugly head once again – this time in Greencore’s beef bolognese sauce.

Shares tumbled 14.91% to 87.00p at 10:12 Friday as the Irish food producer confirmed its Chosen By You 350g Beef Bolognese was withdrawn from Asda supermarkets following the detection of horse DNA.

Three other Greencore products were taken off shelves “as a precautionary measure” but they did not test positive for horse meat. Items included the 600g Beef Broth Soup, 500g Meat Feast Pasta Sauce, and 400g Chilli Con Carne Soup.

The bolognese sauce contributed circa £0.3m of £1.16bn turnover in Greencore's last financial year. The annualised revenue of all products withdrawn represents less than £1.0m.

“The company is currently awaiting the results of further quantitative tests on the 350g Beef Bolognaise Sauce that will validate the presence and the extent of the equine DNA,” the group said in a statement.

Greencore said the meat for the sauce was supplied by the ABP Food Group's Nenagh plant in County Tipperary, Ireland, an approved and regularly audited producer.

The group is working with ABP to determine the full facts as they await the results of tests.

The incident is the latest in a string of scandals over horse meat found in beef products. Tesco, Lidl, Waitrose, Sainsburys, Iceland, Co-Op and Dunnes have also withdrawn some beef-based meals.

UK’s Downing Street has criticised the reluctance of stores involved in selling the products to speak up about the affected goods. "It isn't acceptable for retailers to remain silent, sources from the government headquarters told the BBC.

The Food Standards Agency will reveal test results for horse meat in UK processed meals later Friday.

DC - see post 34!

just a comment the sauce is nothing to do with me. :-))

Thanks skinny.

Any thoughts on this at the mo - is anyone back in?

Yes - 82 - 88 this am, this time @90.5p

Thanks skinny, I will sit on the side line and watch.

18 February 2013

GREENCORE UPDATE REGARDING ASDA PRODUCT WITHDRAWAL

Test Result

Greencore confirmed on Saturday 16 February 2013 that it had been informed by Asda that the results of the quantitative tests on Asda's Chosen By You 350g Beef Bolognese Sauce(1) , manufactured at Greencore's Bristol facility, had shown above trace levels (4.8%) of equine DNA.

All other Greencore and customer test results on Greencore products have been negative, and none of its other twenty one Convenience Foods sites have been affected.

Our Operational Response

Since the issue has arisen, Greencore has been in constant dialogue with its customers who are supportive of our response. Specifically, Greencore can confirm that it has received assurance from Asda that it remains supportive of Greencore and the steps it is taking with regards to this matter.

With regards to the Bristol facility, Greencore and its customers have tested a range of meat and non meat products at the facility and all results have tested negative. However, as a precautionary measure, Greencore completed a full deep clean shutdown of its Bristol facility over the weekend before restarting full production today.

More broadly, Greencore is implementing additional species screening procedures in its supply chain for beef related ingredients(2) going into all Greencore facilities. Furthermore, Greencore will take whatever actions are necessary to protect its supply chain going forward.

Looking for a quid today.

Panmure Gordon Buy 98.63 92.50 110.00 110.00 Upgrades

Oriel Securities Buy 98.75p 130.00p 130.00p Reiteration

Any idea what happened to make the sp crash back in 2004/5?

Looks like a 10:1.

On edit :- looks like it was 70:1

A quid touched.

Well done on the rise skinny, looks like a quick recovery.

Thanks DC - I won't be a long term holder here.

Pints all round. :-))

Thanks. lol

The naked trader comments on 27 Feb

As I mentioned last time when I took huge profits of over £5,000 in Greencore (GNC) I would love to buy them back at 90.

Well, goodness me what a wonderful opportunity came by and I grabbed it - getting not 90p but a brilliant 82.1 p and at 84.

Shares tumbled after a report some horse was in one of its sauces. However that wasn't anywhere near worth a tumble from 115p to 82p !

Then the company said this product plus one or two withdrawn products amounted to a tiny amount of profit/turnover. This was an amazing chance to bag some shares at the totally wrong price and I took full advantage,

The only question is now when to take profits. I don't see why the shares should not soon get back to where they were before the alarm at 115p. At the moment they are horsing around the 100 mark.

Do not know if you are still in this one skinny ?

The recent horsemeat scandal has left the sector in pieces as products have been pulled from supermarket shelves.

Panmure Gordon still rates Irish food group Greencore’s (LON:GNC) shares a ‘buy’ even after its beef bolognaise sauce was dragged off Asda’s shelves.

It comes after 2 Sisters Food Group declared itself cautious on the outlook for ready meals given the recent crisis. But the broker sees limited read-across for Greencore.

Panmure said: “We don't disagree with the company's broad caution, given the current consumer environment, and acknowledge that the horse meat scandal has negatively impacted the ready meals category for which we have already adjusted our Greencore forecasts.”

No I'm out DC - suffering from info overload atm.

Greencore Group: Numis revises target price from 105p to 120p upgrading to add

Greencore: Investec shifts target price from 125p to 130p and maintains a buy recommendation. Panmure Gordon takes target price from 110p to 125p retaining its buy recommendation.

Ready meals maker Greencore (LON:GNC) has had to work just as hard to fight its way back since the horsemeat scandal.

Its products sold at Asda were found to contain traces of horse DNA, which saw the group tossed into a media storm.

As part of its comeback, Greencore has signed up a heavyweight to its board – none other than former Trinity Mirror (LON:TNI) boss Sly Bailey.

But questions will be raised about to her appointment given that she oversaw a 90% slump in her former company’s share price over her nine years in the hot seat.

Investors were left uninspired by the signing, which shares unmoved on the news.

Half Yearly Report


HIGHLIGHTS



§ Group revenue of £572.9m, up 0.9%;

§ Convenience Foods revenue of £542.1m, up 1.8%;

§ Group operating profit1 up 6.3% to £33.7m;

§ Strong growth in adjusted EPS2, up 10.9%;

§ Interim dividend of 1.90 pence per share, an increase of 8.6% versus H1 12;

§ Restructuring of Uniq desserts activity completed with disposal of Minsterley chilled desserts facility; and

§ Roll out of food to go range in Starbucks USA successfully commenced.



http://www.moneyam.com/action/news/showArticle?id=4598534

Duplicate

By Jamie Nimmo
May 21 2013, 10:24am





Ready meals maker Greencore (LON:GNC) has managed to ride the horsemeat scandal, reporting some strong first-half results on Tuesday.

But this did not stop broker Numis from downgrading the shares from ‘add’ to ‘hold’.

Analyst Charles Pick points out that the company that makes ready-made, microwavable meals posted a “remarkably resilient performance” in spite of the scandal.

Adjusted pre-tax profits rose almost 10% to £26.5mln.

“A good result given circumstances, and well ahead of the £25.1m we had projected,” said Pick.

“Greencore faced varied headwinds in the H1 period: the strong comparative at the Convenience Foods operations in H1 of last year; the dull trading at most UK grocery majors; the coldest March since 1962 in the UK; some (mainly indirect) impact from the horse meat issue that constrained sales of ready meals; and minor start-up costs for the US Starbucks contract.”

Like-for-like sales though were 6% lower, with shoppers not yet convinced about eating ready meals again after ‘horse-gate’.

Oriel Securities stuck to its ‘buy’ rating even though the results fell short of its expectations.

“While the ‘miss’ and good share price run into results may prompt a near term share price drop, the story remains interesting,” it said.

Investec and Shore Capital also kept ‘neutral’ stances on Greencore.

Closed up 8.69%

21 May 10:45 Greencore Group PLC Shore Capital Reiterates
21 May 09:37 Greencore Group PLC Investec Reiterates
21 May 08:52 Greencore Group PLC Numis Downgrades

23 May 09:14 Greencore Group PLC Numis Reiterates

A buy in this weeks IC - Greencore finally finds its stride.

The worst of the horse meat scandal is behind the company. Greencore's share price has appreciated strongly over the past 12 months as its fixed legacy issues and delivered on its growth objectives. While not as cheap as they once were, the shares still offer value, trading on 8.5 times forward earnings and underpinned by a prospective dividend yield of 4%.

Director buy


28/05 BUY GNC Greencore Group PLC Moloney, John Non Executive Director 25,000


Ex-Dividend
05 Jun 13 Greencore Group PLC [GNC] (1.9 p)

In this weeks Shares mag - One they think has further to run. The Us market in prepared food-to-go is 'real and growing' Robust trading , a strong balance sheet, excellent levels of cash generation, an attractive dividend yield.

Greencore Group PLC (GNC:LSE) set a new 52-week high during today's trading session when it reached 141.75. Over this period, the share price is up 86.14%.

Recovered very well since the horse meat scare.



Still a buy in this weeks Shares mag. Finals in Nov . Further forecast upgrades could be on the cards as the sandwiches -to- chilled meats maker updates on progress at its fast growing food -to-go business in the US. The firm has transformed its business across the pond through the acquisitions of MarketFare and Schau and by kick-starting a significant supply deal with Starbucks. For the year to Sept, Numeris Securities looks for 16.7% earnings per share (EPS) growth to 14.7p and a 4.95p dividend, ahead of 16% EPS progress to 17.1p and 5.6p shareholder reward in 2014.
Despite attractive forecast growth rates , Greencore trades on a single digit prospective Price /earnings PE ratio of 9.6 and a EV/ EBITDA ratio of 7.8. Weighing on sentiment is the £272.7m of net debt on the balance sheet as at 29 March as well as a £155.9 million net pension deficit, although ongoing debt reduction and further progress stateside offer powerful potential rerating catalysts.

Notice of Interim Management Statement

RNS


RNS Number : 6118J

Greencore Group PLC

18 July 2013


















GREENCORE GROUP PLC



Notice of Interim Management Statement





Greencore Group plc will release its next Interim Management Statement at 7am on Wednesday 31 July 2013.

A conference call for investors and analysts will be held at 8.30 BST on Wednesday 31 July 2013.

Interim Management Statement

Quarter 3 Trading
Trading during the quarter was in line with our expectations. The Group recorded revenue of £305.8m in the 13 weeks to 28 June 2013, an increase of 2.6% on the prior year.

Convenience Foods
The Convenience Foods division recorded revenue of £285.7m, 2.8% higher than the prior year. The revenue growth reflects both the contribution from acquisitions but also the impact of business exited, notably in the former Uniq chilled desserts activities.

In the UK, revenue was 1.3% lower than the prior year on a like-for-like basis (that is excluding both the acquisition of the International Cuisine business acquired in August 2012 and the Uniq desserts activities which were exited or sold).

Market conditions in the UK remained tough during Q3 with continued poor weather affecting the business for much of the period. Whilst the overall chilled ready meals market is gradually recovering from the impact of the horsemeat scandal earlier in the year, Italian ready meals remained in year-on-year decline affecting the Prepared Meals division. We have continued to focus on delivery of operating efficiencies and maintained tight cost controls across the UK business to mitigate these impacts.

In the US, revenues were more than 50% higher than in the prior year period. This growth reflects the impact of the acquisitions of MarketFare Foods and Schau, both of which are performing well, together with the commencement of food to go supply to Starbucks. This supply agreement is now fully live across the four sites envisaged.

Ingredients and Property
The Ingredients and Property division, which represented 6% of Group revenues in FY12, recorded revenues of £20.1m in Q3, in line with the prior year in reported currency and 3.6% lower on a constant currency basis. The molasses business continued to perform very strongly aided by poor weather.

Year to Date trading
In the 39 weeks to 28 June 2013, the Group recorded revenue of £878.7m, 1.5% ahead of the prior year. The Convenience Foods division recorded revenue of £827.8m year to date, 2.1% higher than the prior year.

Financial Position
The Group continues to operate with good headroom within existing debt facilities and remains focused on further de-leveraging throughout FY13.

Outlook
UK market conditions remained tough throughout the third quarter and the recovery in the ready meals market remained subdued. Whilst recent UK macro-economic data has been more positive and the weather has been more favourable, we still expect conditions to remain challenging. However, the Group is strategically well positioned with a balanced customer portfolio and exposure to faster growing convenience categories. With the tight operating and financial controls we have in place, we remain confident in our ability to deliver growth in adjusted earnings per share for the financial year in line with expectations.

Conference Call
A conference call for investors and analysts will be held at 8.30am BST today. Dial in details are below and a replay facility will be available afterwards at www.greencore.com.

Greencore Group: Investec raises target to 166p from 130p, retains buy

31 Jul Davy Research N/A Outperform

FTSE 250 INCLUSION AND NOTICE OF FULL YEAR RESULTS

RNS


RNS Number : 5865O

Greencore Group PLC

23 September 2013






GREENCORE GROUP PLC



FTSE 250 INCLUSION AND NOTICE OF FULL YEAR RESULTS



Greencore Group plc ("Greencore") notes the recent announcement by FTSE that Greencore will enter the FTSE 250 index with effect from the start of trading today.



Greencore also confirms that it will release its results for the year ended 27 September 2013 at 7.00am on Tuesday 26 November 2013.



A presentation of the results will be made to analysts and institutional investors at 8.30am on Tuesday 26 November 2013 at Investec Bank plc, 2 Gresham Street, London EC2V 7QP.

Greencore Group PLC (GNC:LSE) set a new 52-week high during Friday's trading session when it reached 166.10. Over this period, the share price is up 85.07%.


Clearly over the horse meat scandal.

FTSE 250 movers: Greencore boosted by Starbucks expansion plans

Fri, 01 November 2013



Irish food company Greencore was a strong riser on the second tier, most likely due to the news that Starbucks is planning to expand its food range in the US. Greencore is one of Starbucks's main food suppliers, as well as being the biggest sandwich maker in the world, making this big news for the FTSE 250 group.

Full Year Results Statement


FINANCIAL HIGHLIGHTS

· Group operating profit1 up 8.1% to £76.5m;

· Group operating margin1 of 6.4%, a 30 bps increase;

· Strong growth in adjusted EPS2, up 13.3% to 14.5p;

· Proposed final dividend of 2.9 pence per share, giving a total dividend of 4.8 pence per share, up 12.9%; and

· Strong cash flow generation reducing net debt by £25.2m. Net debt: EBITDA leverage (reported basis) down from 2.75 times to 2.3 times.



OPERATIONAL HIGHLIGHTS

· Integration of Uniq completed with restructuring of the desserts business and disposal of Minsterley facility. Integration of International Cuisine completed; and

· US integrations completed and successful roll out of food to go range to Starbucks USA from four of our six facilities.




http://www.moneyam.com/action/news/showArticle?id=4712544

26 Nov Investec 202.00 Buy

A buy in this weeks IC - Greencore gains momentum

Last year proved challenging for ready meals maker Greencore after sentiment was hit by the horse meat scandal- although its own products tested negative for equine DNA. Despite that, adjusted pre-tax profit rose 11.8% to £61.6m. The company has cut its debt pile by £25m ,too. This year should prove easier as consumer confidence continues to recover and the group benefits further from US progress. With that positive backdrop, a forward PE 12 looks too low.

Greencore: Numis ups target price to 184p and keeps a hold recommendation.

Greencore Group PLC (GNC:LSE) set a new 52-week high during today's trading session when it reached 231.00. Over this period, the share price is up 117.82%.

7 Jan Investec 225.00 Add
6 Jan Goodbody 230.00 Buy

New high @253p.

28 Jan Goodbody 242.00 Hold
28 Jan Investec 240.00 Add

26 Feb Davy Research N/A Outperform
26 Feb Numis 265.00 Hold
25 Feb Investec 265.00 Buy

Greencore Group PLC (GNC:LSE) set a new 52-week high during today's trading session when it reached 287.80. Over this period, the share price is up 185.29%.

Greencore: Jefferies raises target price from 275p to 320p maintaining a buy recommendation.

8 Apr Numis 309.00 Add

Shares -Greencore goes for US growth

Sandwiches-to-salads supplier offers an exciting play across the pond


Convenience food manufacturer Greencore (GNC) looks interesting ahead of next month’s (20 May) half-year results. Confirmation of continuing trading momentum on home turf as well as in the United States offer combined catalysts for forecast upgrades.

The Dublin-headquartered firm boasts strong market positions in the UK convenience food space, where it serves the ‘food to go’ sector and makes everything from chilled ready meals to sauces, cakes and Yorkshire puddings.

But it is the US market, where the company is expanding its footprint and growing sales at pace, that really excites. Across the pond, Greencore boasts a fast-growing food to go business serving convenience and small stores as well as grocery groups, with major customers including coffee house giant Starbucks and 7-Eleven.

Greencore: Investec cuts target price from 285p to 273p downgrading from buy to add.

Half Yearly Report


FINANCIAL HIGHLIGHTS



§ Group revenue of £619.8m, up 8.2% (as reported) and up 9.3% on a like for like1 basis

§ Convenience Foods like for like1 revenue growth of 9.6%

§ Group operating profit2 up 14.0% to £37.2m

§ Strong growth in adjusted EPS3, up 18.6% to 7.0 pence

§ Interim dividend of 2.20 pence per share, an increase of 15.8% versus H1 13

§ Net exceptional charge of £12.6m, of which £10.0m relates to non-cash items



STRATEGIC DEVELOPMENTS



§ Further build out of US food to go business with the acquisition of Lettieri's LLC ("Lettieri's"), investment in Jacksonville and announcement of new site construction in Rhode Island

§ Announcement today of major investment in Northampton food to go facility to facilitate new business win

§ Disposal of foodservice desserts business, Ministry of Cake


http://www.moneyam.com/action/news/showArticle?id=4813978

Investec ups Greencore to 'buy' from 'add'

Tue, 20 May 2014


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Greencore Group Quote more






Price: 259.00

Chg: 11.90

Chg %: 4.82%

Date: 16:52



FTSE 250 Quote


Price: 15,448.69 Chg: 69.25 Chg %: 0.45% Date: 16:48

Greencore, the manufacturer of convenience foods, delivered a 'good' first half result, with a strong 26 per cent increase in like-for-like sales at its Convenience Foods unit in the US, and there is increasing visibility on growth next year, Investec analyst Nicola Millard told analysts in a research note.

In particular, there was an improvement in margins at the Foods unit, including some improvement from low margin UK businesses. Nonetheless, comparatives for revenue growth will get tougher as the year progresses, especially in the fourth quarter, depending on the weather.

The increased visibility is a result from the US developments already announced but also of a new business win at Northampton, starting next year. As well, the group will extending its food-to-go site at a cost of £30m. Yet that will not increase expectations for net debt given that it will be funded asset disposals scheduled for the second half of the year.

On the basis of all of the above the broker has lifted its forecast for profit before tax (PBT) this year to £66.2m from £65.5m and for next year to £75.2m to £76.8m.

As a result of the aforementioned Investec increased its price-to-earnings ratio –based price target to 278p from 273p and, given recent weakness in the share price, upgraded the stock to ‘buy’ from ‘add’.

20 May Davy Research N/A Outperform

Greencore: Numis moves target price from 309p to 320p and stays with its add rating.

Trading statement Tues 29 Jul-Could make for pleasing reading in this weeks Shares mag

Interim Management Statement

RNS


RNS Number : 5495N

Greencore Group PLC

29 July 2014




29 July 2014

Greencore Group plc - Interim Management Statement



Continued good revenue growth - on track to deliver adjusted EPS in line with expectations



Greencore Group plc ("the Group") today issues its interim management statement for the period to 29 July 2014. Trading information relates to the 13 weeks to 27 June 2014 ("Quarter 3" or "Q3") and the 39 weeks to 27 June 2014.



Quarter 3 Trading

The Group recorded revenue of £326.4m in the 13 weeks to 27 June 2014, an increase of 6.7% on the prior year on a reported basis and an increase of 7.5% on a like for like basis.1



Convenience Foods

The Convenience Foods division recorded revenue of £310.5m, 8.7% higher than the prior year on a reported basis and up 9.3% on a like for like basis.



In the UK, like for like revenue was 10.1% higher than in the prior year. While the overall grocery market remained challenging, the food to go market was buoyant throughout the period driven in part by growth in small store formats. Activity with several key customers resulted in the Group outperforming the food to go market. Both the Prepared Meals and Grocery businesses recorded modest improvement in revenue growth trajectory versus H1. The extension of the existing facility in Northampton is on track and plans are well advanced for the adjacent new build.



In the US, constant currency revenue was 16.9% higher than in the prior year, including the contribution from Lettieri's. Following the planned exit of a set of non-core product lines during the period, like for like growth was 4%. The extension of our Jacksonville facility has now been completed with first customer shipments delivered in late July. Construction has commenced on the new facility in Rhode Island, with the project on track for commissioning in late Spring 2015.



Ingredients and Property

The Ingredients and Property division, which now represents less than 5% of Group activity, recorded revenues of £15.9m in Q3, £4.2m (20.9%) lower than the prior year in reported currency and 18.2% lower on a constant currency basis.



Year to Date Trading

In the 39 weeks to 27 June 2014, the Group recorded revenue of £946.2m, 7.7% ahead of the prior year on a reported basis and 8.5% ahead on a like for like basis. Year to date revenue in the Convenience Foods division was £898.4m, 8.5% higher than the prior year on a reported basis and up 9.3% on a like for like basis.



Disposal Activity and Financial Position

During the period, the Group completed the disposal of its foodservice desserts business, Ministry of Cake, for upfront cash consideration of £8m and deferred consideration of up to £3m.



The Group has also concluded an agreement in connection with the sale of residential land in Littlehampton, West Sussex. Net proceeds of approximately £16.5m are expected to be received in the current financial year. The Group has retained land with commercial planning consent and will look to market this by 2017. While this will result in a non-cash charge of approximately £3.5m against the carrying value of investment property, the resolution of other legacy matters in the half will fully offset this amount.

The Group is operating with good headroom within existing debt facilities and remains focused on further de-leveraging whilst taking opportunities to invest in future development in support of its customers.




____________

1 “Like for like” excludes revenue from the desserts activity which was sold to Müller Dairy UK Group and from Ministry of Cake, excludes revenues from Lettieri’s in the US and is expressed in constant currency.



Outlook

The Group continues to trade well and we remain confident in our ability to deliver adjusted EPS growth for the financial year in line with market expectations.

30 Jul Numis 320.00 Add

05/08/2014 BUY Gary Kennedy CH 10,000

Signal Update

Our system’s recommendation today is to STAY LONG. The previous BUY signal was issued on 29/10/2014, 7 days ago, when the stock price was 257.1000. Since then GNC.L has risen by +3.73%.

Market Outlook

The bulls are in full control. The negative sentiment that led to the last bearish pattern has evaporated. Besides, the signal is suggesting to STAY LONG. It is best to follow the signal and continue to hold this security.


http://www.britishbulls.com/SignalPage.aspx?lang=en&Ticker=GNC.L

Full Year Results Statement

FINANCIAL HIGHLIGHTS

· Group revenue of £1,273.5m, up 6.4% (as reported) and up 7.4% on a like for like1 basis

· Convenience Foods revenue of £1,213.4m, up 8.4% on a like for like1 basis

· Group operating profit2 up 11.4% to £82.9m

· Group operating margin2 of 6.5%, a 30 bps increase

· Net exceptional charge of £11.4m, of which £8.3m relates to non-cash items

· Growth in adjusted EPS3 of 13.6% to 15.9p

· Proposed final dividend of 3.25 pence per share, giving a total dividend of 5.45 pence per share, up 13.5%

· A reduction in net debt of £20.7m to £212.1m with net debt: EBITDA leverage comfortably below 2.0 times



STRATEGIC DEVELOPMENTS

· Further build out of US food to go business with the acquisition of Lettieri's LLC ("Lettieri's"), investment in frozen production in Jacksonville, new site construction in Rhode Island and the announcement today of the development of our first West Coast facility

· Major multi-year investment programme in Northampton food to go facility to facilitate new business win and meet market growth

· Disposal of foodservice desserts business, Ministry of Cake




http://www.moneyam.com/action/news/showArticle?id=4929341

bit late but am in on ride DC.,.

Also IAP today, take a look.,.

There's room on the bus Bb :-))

Sharecast -

Greencore FY revenue jumps as firm continues US expansion

Tue, 25 November 2014


Food business Greencore Group revenue rose 6.4% as the company continues its expansion to drive in the US.
The firm, which supplies sandwiches to chains such as Starbucks and 7-Eleven, said revenue for the year ended 26 September was £1.27bn, while group operating profit rose 11.4% to £82.9m and adjusted earnings per share were 15.9p, a 13.6% increase year-on-year.

"This has been a year of strong strategic, operational and financial progress for Greencore," the group's chief executive Patrick Coveney said.

"The group's focus on extending our leadership in the food to go market is yielding great results, with like-for-like revenue growth in that area of the business exceeding 15%.

"We have strong market positions, a clear strategy, and are continuing to lay the foundations for future growth through a significant capacity and capability investment programme in both the UK and the US."

The London-listed company also announced it was set to develop its first plant on the West Coast of the US. The facility, located in the state of Washington, will cost £20m and is expected to increase production capacity and enable the firm service a newly-acquired contract.

Greencore said it was proposing a final dividend of 3.25p per share, giving a total dividend of 5.45p per share, up 13.5% from the previous financial year.

Greencore shares were 1.77% up to 264.80p at 08:56 on Tuesday.
-----------------------------------------------------------------------------------------------


Greencore: Investec places its target price (prev.: 275p), while staying with its buy recommendation.

GNC Greencore Grp nice to have some defensives food producers in the folio, strong results today should build on gain.

Cheers for the above goldfinger.

No probs.

Greencore Group broker views

Date Broker Recommendation Price Old target price New target price Notes
25 Nov Investec Buy 275.25 278.00 - Reiterates
24 Nov Goodbody Hold 275.25 - - Reiterates
18 Nov Davy Research Outperform 275.25 - - Reiterates

Greencore: Investec ups target price from 278p to 295p and maintains its 'buy' recommendation.

Top bombing.

1 Dec Berenberg 325.00 Buy

Greencore: Numis downgrades from 'add' to 'hold' with a target price of 296p.

Greencore: Investec ups target price from 295p to 315p and maintains a 'buy' recommendation

hope your right dc.,.

Nothing to do with me. lol

Interim Management Statement
RNS
RNS Number : 1834D
Greencore Group PLC
27 January 2015

27 January 2015

Greencore Group plc - Interim Management Statement



Continued good revenue growth in Convenience Foods



Greencore Group plc ("the Group") today issues its interim management statement for the period to 27 January 2015. Trading information relates to the 13 weeks to 26 December 2014 ("Quarter 1" or "Q1").



Quarter 1 Trading

The Group recorded revenue of £331.9m in the 13 weeks to 26 December 2014, an increase of 3.6% on the prior year on a reported basis and 4.4% on a like for like basis.



Convenience Foods

The Convenience Foods division recorded revenue of £320.4m, 4.9% higher than the prior year on a reported basis and up 5.4% on a like for like basis.



In the UK, like for like revenue was 3.6% higher than in the prior year. The overall grocery market remained challenging in Q1 with negative same store volumes and price deflation. Against this backdrop, our key chilled markets performed well with continued good growth in the food to go market and a positive performance in the chilled ready meals market. During the period, the extension to the existing Northampton sandwich facility was successfully commissioned with further product transfers due to take place by the end of January.



In the US, reported revenue was 34.1% higher than in the prior year and 19.5% higher on a like for like basis. This was driven principally by the continued rollout of new products with a key customer. The construction of the new facility in Rhode Island is nearing completion, with commissioning due to commence as planned in Q2.



Ingredients and Property

The Ingredients and Property division, which now represents less than 5% of Group activity, recorded revenues of £11.5m in Q1, £3.4m (22.8%) lower than the prior year in reported currency and 16.8% lower on a constant currency basis. As expected, revenue was impacted by the reduction in the commodity price of edible oils.



Financial Position

The Group's financial position remains strong with good headroom within existing debt facilities.



Outlook

The Group remains well placed with strong positions in growing product categories. Notwithstanding the challenges of the UK grocery retail market, the business has had a good start to the year with encouraging growth against a strong comparator period last year. The integration of new business in Jacksonville and the first expansion phase in Northampton are now close to completion. We remain confident in our ability to deliver performance in line with market expectations.



Conference Call

A conference call for investors and analysts will be held at 8.30am GMT today. Dial in details are below and a replay facility will be available afterwards at www.greencore.com.

Greencore: Berenberg ups target price from 325p to 350p and keeps a 'buy' recommendation.

Hmm, looks like I got out too early.,.

Greencore Group PLC (GNC:LSE) set a new 52-week high during Wednesday's trading session when it reached 306.70. Over this period, the share price is up 21.20%

Holding(s) in Company

JPMorgan Asset Management (UK) Limited

J.P. Morgan Investment Management Inc. >4%

JPMorgan Chase Bank, National Association


http://www.moneyam.com/action/news/showArticle?id=4968709

IC - Guide to the Ftse 350 -

Food producers and household goods


Favourites - Greencore, Dairy Crest, Unilever, Reckitt Benckiser, PZ Cussons


Greencore's investments in the US should pay off this year and next following strong sales growth and a number of customer wins

Greencore Group PLC (GNC:LSE) set a new 52-week high during today's trading session when it reached 321.50. Over this period, the share price is up 32.64%.

Greencore Group PLC (GNC:LSE) set a new 52-week high during today's trading session when it reached 354.10. Over this period, the share price is up 35.00%

got out tooo early.... should have had more faith.,.

You sound like George Michael :-))

Cause I gotta have faith
I gotta have faith
Cause I gotta have faith, a faith, a faith
I gotta have faith, a faith, a faith

Ah, thank goodness. I thought you were talking about the 'got out too early' part!

LOL harry.,.

Greencore Group PLC (GNC:LSE) set a new 52-week high during today's trading session when it reached 354.40. Over this period, the share price is up 35.73%.

30 Apr Numis 329.00 Hold

Half yearly report

FINANCIAL HIGHLIGHTS

· Group revenue of £639.8m, up 3.2% (as reported) and up 3.9% on a like for like1 basis

· Convenience Foods revenue of £614.7m, up 4.9% on a like for like1 basis

· Group operating profit2 up 7.8% to £40.1m

· Group operating margin2 of 6.3%, a 30 bps increase

· Adjusted EPS3 up 8.6% to 7.6p

· Interim dividend of 2.4 pence per share, an increase of 9.1% versus H1 14

· Replacement of the Group's primary bank facility with a five year £300m Revolving Credit Facility extending the weighted average maturity of debt to 4.5 years



STRATEGIC DEVELOPMENTS

· Significant planned increase in capital investment to support customer business wins

· Phase 1 extension of Northampton facility successfully completed and second phase well underway

· Roll out of new product range from extended Jacksonville facility in the US

· New build in Rhode Island completed to plan in late March and now shipping product to key customers

19 May Goodbody N/A Buy
19 May Davy Research N/A Outperform
18 May Goodbody N/A Buy

21 May Numis 356.00 Hold
21 May Berenberg 390.00 Buy

Interim Management Statement
RNS
RNS Number : 2298U
Greencore Group PLC
28 July 2015

28 July 2015

Greencore Group plc - Interim Management Statement



Greencore Group plc ("the Group") today issues its interim management statement for the period to 28 July 2015. Trading information relates to the 13 weeks to 26 June 2015 ("Quarter 3" or "Q3") and the 39 weeks to 26 June 2015.



Quarter 3 Trading

The Group recorded revenue of £346.5m in the 13 weeks to 26 June 2015, an increase of 6.2% on the prior year on both a reported and a like for like basis.*



Convenience Foods

The Convenience Foods division recorded revenue of £331.9m, 6.9% higher than the prior year on a reported basis and up 6.3% on a like for like basis.



In the UK, like for like revenue was 4.0% higher than in the prior year. The food to go business continued to experience good growth led principally by the addition of new product lines in the Northampton facility. Elsewhere in the UK, revenue performance was more subdued.



In the US, like for like revenue was 22.1% higher than the prior year. This was driven principally by the roll out of new lines with our principal customers. The business remains focused on the delivery of major capacity related initiatives. The new facility in Quonset, Rhode Island, commenced production in April and the Newburyport facility was closed. Transfers from the Brockton site will commence during the current quarter to enable the site's closure later in the year.



Ingredients and Property

The Ingredients and Property division, which now represents less than 5% of Group activity, recorded revenues of £14.6m in Q3, 4.4% higher on a constant currency basis and 8.2% lower in actual currency.



Year to Date Trading

In the 39 weeks to 26 June 2015, the Group recorded revenue of £986.3m, 4.2% ahead of the prior year on a reported basis and 4.7% ahead on a like for like basis. Year to date revenue in the Convenience Foods division was £946.6m, 5.4% higher than the prior year on both a reported and a like for like basis.



Financial Position

The Group's financial position remains strong with good headroom within existing facilities.



Outlook

The core UK grocery retail market remains challenging with high levels of change. The combination of modest deflation in ingredients and packaging costs, together with price investment by grocery retailers, has resulted in value growth lagging behind volume in a number of our product markets. The Group remains focused on delivering exceptional standards for its customers and on the execution of complex capacity increase projects in both the UK and US. We remain confident in our ability to deliver adjusted EPS growth for the financial year within the range of market expectations.

3 Sep Berenberg 390.00 Buy

Proactive investors - Greencore Group (LON:GNC), up 5.2% at 294p. The Irish convenience foods group has been given positive write-ups by Irish stockbrokers Goodbody and Davy.

05/10/2015 BUY Gary Kennedy CH 350
05/10/2015 BUY Patrick Coveney CEO 11,429
05/10/2015 BUY Alan Williams FD 2,544
05/10/2015 BUY Heather McSharry NED 76

Final Result
24 Nov 15 Greencore Group PLC [GNC]

11 Nov Goodbody N/A Buy

Full year results

FINANCIAL HIGHLIGHTS

· Group revenue of £1,340.3m, up 5.2% (as reported) and up 5.4% on a like for like1 basis

· Convenience Foods revenue of £1,290.2m, up 6.0% on a like for like1 basis

· Group operating profit2 up 10.6% to £91.7m

· Group operating margin2 of 6.8%, a 30 bps increase

· Growth in adjusted EPS3 of 13.2% to 18.0p

· Proposed final dividend of 3.75 pence per share, giving a total dividend of 6.15 pence per share, up 12.8%

· Net debt of £265.5m with net debt : EBITDA leverage as measured under financing agreements of 2.0 times



STRATEGIC DEVELOPMENTS

· Strong momentum, focus and investment behind food to go strategy in the UK and US resulting in 10.4% like for like revenue growth, well ahead of market performance

· Phase one extension of Northampton facility successfully completed and second phase well underway. We are today announcing further investment in the Northampton campus to support customer growth

· Roll out of new product range from extended Jacksonville facility in the US

· New build in Rhode Island coming on stream and work commenced on new build in Seattle

24 Nov Shore Capital N/A Hold
24 Nov Peel Hunt 340.00 Add

27 Nov Investec 360.00 Buy
27 Nov Numis 347.00 Hold

Trading Statement
RNS
RNS Number : 9386M
Greencore Group PLC

26 January 2016

Greencore Group plc - Trading Statement



Continued revenue momentum driven by food to go



Greencore Group plc ("the Group") today issues a trading update covering the 13 weeks to 25 December 2015 ("Quarter 1" or "Q1").



Quarter 1 Trading

The Group recorded revenue of £356.0m in the 13 weeks to 25 December 2015, an increase of 7.2% on the prior year on a reported basis and of 6.8% in constant currency.



Convenience Foods

The Convenience Foods division recorded revenue of £345.1m, 7.7% higher than the prior year on a reported basis and up 7.0% in constant currency.



In the UK, revenue was 7.9% higher than in the prior year. While the overall UK grocery retail market remains challenging, our core chilled categories continue to perform well. Our strong growth was driven by the annualisation of prior year business wins together with the impact of new product launches. The construction of a new production facility on the Northampton campus is nearing completion with commissioning on track to commence in the spring.



In the US, reported revenue was 6.5% higher than in the prior year and 1.3% higher in constant currency. Revenue was in line with expectations following the closure of the Brockton facility in November and the related further product and customer exits. Progress continues to be made on ramping up production capability in the Quonset, Rhode Island facility and the construction in Seattle is progressing to plan.



Ingredients and Property

The Ingredients and Property division, which now represents less than 5% of Group activity, recorded revenues of £10.9m in Q1, £0.7m or 6.0% lower on a reported basis and 3.4% higher on a constant currency basis.



Outlook

The business has had a good start to the year and our major investments in capacity and capability enhancement are proceeding to plan. We remain confident in our ability to deliver performance in line with market expectations.

Broker Forecast - Peel Hunt issues a broker note on Greencore Group PLC
BFN
Peel Hunt today reaffirms its add investment rating on Greencore Group PLC (LON:GNC) and raised its price target to 375p (from 340p).

Story provided by StockMarketWire.com

Greencore Group PLC (GNC:LSE) set a new 52-week high during today's trading session when it reached 388.20. Over this period, the share price is up 25.96%.

Broker Forecast - Berenberg issues a broker note on Greencore Group PLC
BFN
Berenberg today reaffirms its buy investment rating on Greencore Group PLC (LON:GNC) and raised its price target to 450p (from 380p).

Story provided by StockMarketWire.com

Broker Forecast - Societe Generale issues a broker note on Greencore Group PLC
BFN
Societe Generale today initiates coverage of Greencore Group PLC (LON:GNC) with a hold investment rating and price target of 386p.

Story provided by StockMarketWire.com

Half year report


FINANCIAL HIGHLIGHTS

· Group revenue of £691.6m, up 8.1% as reported and up 7.5% on a constant currency basis

· Convenience Foods revenue of £667.9m, up 7.8% in constant currency

· Group operating profit1 up 8.5% to £43.5m

· Group operating margin1 of 6.3%, unchanged from the prior year

· Adjusted EPS2 up 7.9% to 8.2p

· Interim dividend of 2.55 pence per share, an increase of 6.25% versus H1 15



STRATEGIC DEVELOPMENTS

· Continued strong momentum across UK and US food to go activity with like for like revenue growth of 12.7%, well ahead of market performance

· Phase two of the Northampton expansion completed on time with commissioning now under way. Phase three also progressing to plan

· Rhode Island site fully operational and Seattle build on track for initial production in June

· Strong pipeline of future growth opportunities

17 May Peel Hunt 425.00 Add

26 May Berenberg 450.00 Buy

Acquisition

RNS


RNS Number : 0603F

Greencore Group PLC

25 July 2016






25 July 2016



GREENCORE ANNOUNCES £15m BOLT-ON ACQUISITION IN UK FOOD TO GO







Greencore Group plc ("Greencore") today announces that it has acquired The Sandwich Factory Holdings Limited ("The Sandwich Factory") from Cranswick plc.



The Sandwich Factory operates from a single facility in Atherstone, Warwickshire, where it produces a range of food to go products for distribution in the convenience store and food service channels. Net revenue from manufactured products in the financial year ended 31 March 2016 was £42m.



The acquired business will extend Greencore's presence in the high growth food to go category outside of its current core business with large grocery customers. The facility also offers an opportunity to modestly increase overall capacity across Greencore's food to go network and will bring new capabilities in short-run, specialist product formats.



Total consideration will be up to £15m (subject to adjustment post completion in relation to levels of working capital and net debt) and will be funded from existing debt facilities. The transaction is expected to be neutral to earnings in FY16 and modestly accretive thereafter.



Commenting on the transaction, Greencore CEO Patrick Coveney said:



"This acquisition makes strong strategic sense for Greencore, given our ongoing focus on the food to go market. The Sandwich Factory will extend our reach into customer channels in which we are currently under represented, notably convenience stores and the travel sector, and will also bring new product types into the Greencore portfolio. We are delighted to be adding more capacity to our manufacturing network, and to be welcoming new colleagues to our business."

Q3 Trading Update

RNS


RNS Number : 1814F

Greencore Group PLC

26 July 2016




26 July 2016

Greencore Group plc - Trading Statement

Continued revenue momentum driven by food to go



Greencore Group plc ("the Group") today issues a trading update covering the 13 weeks to 24 June 2016 ("Quarter 3" or "Q3") and the 39 weeks to 24 June 2016 ("Year to Date").



Quarter 3 and Year to Date Trading

The Group recorded revenue of £360.4m in the 13 weeks to 24 June 2016, an increase of 4.0% on the prior year on a reported basis and of 3.1% in constant currency. Year to Date, the Group recorded revenue of £1,052.0m, 6.7% ahead on the prior year on a reported basis and 5.9% ahead on a constant currency basis.



Convenience Foods

The Convenience Foods division recorded Q3 revenue of £349.9m, 5.4% higher than the prior year on a reported basis and up 4.6% in constant currency. Year to Date, the division recorded revenue of £1,017.9m, 7.5% higher than the prior year on a reported basis and 6.7% higher on a constant currency basis.



In the UK, Q3 revenue was 5.7% higher than in the prior year and 6.7% higher Year to Date. Growth was driven by the Food to Go business which continues to outperform its market. The Food to Go business is benefitting both from new business wins reported in the year and from the impact of new product launches. Commissioning of new sandwich capacity in Northampton has progressed in line with plan. The business is also well advanced in adding new production lines at its other UK sandwich facilities to enable the roll-out of new business wins.



In the US, Q3 reported revenue was 4.1% higher than in the prior year and 1.0% lower on a constant currency basis in the context of a particularly strong comparator period. Year to Date, reported revenue was 12.4% higher than prior year and up 6.8% on a constant currency basis. The modest underlying revenue decline in Q3 reflected product exits following the closure of the Brockton site (an estimated impact of three percentage points) and the phasing of shipments in frozen products. US financial performance has been encouraging in the quarter, in line with the expectations set out at the half year.



Ingredients and Property

The Ingredients and Property division, which now represents less than 5% of Group activity, recorded revenues of £10.5m in Q3, £4.1m or 28.1% lower on a reported basis and 32.9% lower on a constant currency basis. Year to Date, the division recorded revenues of £34.2m, £5.5m or 13.9% lower than the prior year and 13.1% lower on a constant currency basis. The year on year decline in revenue reflects lower commodity prices and a decrease in demand from milk powder producers given the challenges faced by the global dairy market. Financial performance is largely unaffected due to improved mix.



Group Development Update

As announced yesterday, the Group has acquired The Sandwich Factory Holdings Limited from Cranswick plc for a total consideration of up to £15m. The acquired business will extend Greencore's UK Food to Go channel presence, modestly increase overall production capacity and bring new capabilities to the Group.



During June, the business completed construction of the new greenfield facility in Seattle and the shipment of finished products commenced. This project was delivered on time and on budget. To date, operational performance, customer service and colleague recruitment and retention have been in line with plan.



Impact of EU Referendum

The EU referendum has resulted in greater uncertainty with regard to the UK economic outlook and the longer term implications remain unknown. At this stage, our assessment is that the short-term impact on Greencore is likely to be modest.



The Greencore UK businesses import less than a quarter of their ingredients and packaging materials. Given forward purchase arrangements, the depreciation in sterling is not expected to impact profit delivery in the current financial year. However, if current exchange rates persist, net debt at year end will be higher than expected at the half year due to translation of US dollar denominated borrowings.



Outlook

The Group continues to deliver good revenue growth while managing significant levels of change associated with the major capacity and capability investment programmes. We remain confident in our ability to deliver performance in line with market expectations.

14:30 28/07/2016
Broker Forecast - Numis issues a broker note on Greencore Group PLC

Numis today upgrades its investment rating on Greencore Group PLC (LON:GNC) to buy (from hold) and raised its price target to 382p (from 378p). Story provided by StockMarketWire.com

04/10/2016
BUY
Patrick Coveney
CEO
12,267

04/10/2016
BUY
Gary Kennedy
CH
372

04/10/2016
BUY
Alan Williams
RES
4,262

04/10/2016
BUY
Heather McSharry
NED
80

04/10/2016
BUY
Eoin Tonge
FD
730

Proposed acquisition of Peacock foods

Full 2016 results

FINANCIAL HIGHLIGHTS
·      Group revenue of £1,481.9m, up 10.6% (as reported) and up 5.9% on a like-for-like1 basis
·      Convenience Foods revenue of £1,435.2m, up 6.6% on a like-for-like1 basis
·      Group EBITDA2 up 13.9% to £138.4m
·      Group Operating Profit2 up 11.2% to £102.0m
·      Group Operating Margin2 of 6.9%, a 10 bps increase
·      Growth in adjusted EPS3 of 8.3% to 19.5p
·      Proposed final dividend of 4.10 pence per share, giving a total dividend of 6.65 pence per share, up 8.1%
·      Net debt of £331.8m with net debt:EBITDA leverage as measured under financing agreements of 2.4 times
 
STRATEGIC DEVELOPMENTS
·      Continued strong momentum across UK and US food to go activity with 10.5% like-for-like revenue growth, well ahead of market performance
·      Phase two of the Northampton expansion project completed on time with commissioning well under way.  New sushi facility at Northampton also constructed and now being commissioned  
·      Further capacity investments made in H2 16 in UK food to go capacity in order to support strong growth pipeline
·      Acquisition of The Sandwich Factory Holdings Limited ("The Sandwich Factory") in July 2016
·      Rhode Island facility fully commissioned and Seattle build completed on time and to budget
·      We have today also announced the proposed transformational acquisition of Peacock Foods which will accelerate our vision to become a fast-growing, international convenience food leader and establish a scaled and profitable platform for future growth in the US
 

14 Nov
Goodbody
N/A
Restricted

14 Nov
Peel Hunt
425.00
Buy

Admission of Nil paid rights

FY16 Final Dividend Scrip Dividend Offer
RNS
RNS Number : 4733R
Greencore Group PLC
09 December 2016
 
 
 
 
 
GREENCORE GROUP PLC
 
CONTACT MR. C. O'LEARY
TELEPHONE:  +353 1 6051040
 
 
 
 
 
 
GREENCORE GROUP PLC ("Greencore")
 
 
FY16 FINAL DIVIDEND FOR THE YEAR ENDED 30 SEPTEMBER 2016
 
SCRIP DIVIDEND OFFER
 
 
Greencore announces that the price of a new Ordinary Share in respect of the FY16 Final Dividend Scrip Dividend Offer for the financial year ending 30 September 2016 will be £2.25. As the cash dividend is 4.10 pence per share, the entitlement will be one new Ordinary Share for every 69 Ordinary Shares held where dividend withholding tax applies and one new Ordinary Share for every 55 Ordinary Shares held where dividend withholding tax does not apply. 

Market buzz - Howard Whitman reiterated its 'buy' rating and 310p price target on Greencore following a meeting with the company's chief financial officer on Tuesday.

It said key messages included a positive outlook for UK Food to Go, sustained momentum within the incumbent US business - notable accounts include 7-Eleven and Starbucks - and positive expectations for the newly acquired Peacock Foods.

"The company appears well placed to perform positively in FY2017," the brokerage said.

On 14 November, Greencore announced the planned acquisition of US-based convenience food business Peacock Foods and a rights issue.

In light of this, Howard Whitman has taken the opportunity to update its forecasts. It noted the first full year of the merger will be 2018, with Greencore's US business set to grow four-fold, rising from 15% of group sales to 45%. Meanwhile, synergies should kick in in 2018 also, with only very few to be felt in FY17.

Howard Whitman upped its forecasts for 2017 revenue by 63.4% to £2.5bn and for earnings before interest and tax by 31.2% to £139m.

For 2018, it lifted its revenue forecast by 80.7% to £2.85bn and its EBIT estimate by 55.1% to £177m.

12:10 22/12/2016
Director Deals - Greencore Group PLC (GNC)
Gary Kennedy, Chairman, bought 7,353 shares in the company on the 21st December 2016 at a price of 238.00p. The Director now holds 90,169 shares. Story provided by StockMarketWire.com Director deals data provided by www.directorsholdings.com

Total holding for BlackRock, Inc. has gone below 5%

Reading post 161 the company seems in fine order, even if the sp has caught a winter cold. Cheers skinny and a happy Christmas.

And to you too DC - I haven't held these for a while - on the Holiday review list!

30 Dec 2016
Acquisition
Source: RNS
RNS Number : 1142T
Greencore Group PLC
30 December 2016
 
 
FOR IMMEDIATE RELEASE
 
30 December 2016
 
Greencore Group plc
 
("Greencore" or the "Company")
 
Completion of Acquisition of Peacock Foods
 
Further to its announcement of 14 November 2016, Greencore, a leading international convenience food business, is pleased to announce the completion today of the acquisition of Peacock Foods.
 

Tips of the Year 2017 -

IC growth tip for 2017

Annual General Meeting
31-Jan-17

Q1 Trading Update
31-Jan-17

FY17 Interim Results
23-May-17

Q3 Trading Update
25-Jul-17

FY17 Financial Year End
29-Sep-17

FY17 Full Year Results
 28-Nov-17

10 Jan
Investec
325.00
Buy

Looking for Greencore to be a good recovery share for 2017. Patience needed.

Greencore: Jefferies restarts coverage at buy with a target price of 300p.

Notice of Trading Statement


Further to the announcement of 30 September 2016, the 2017 Annual General Meeting of Greencore Group plc ("Greencore") will take place on Tuesday 31 January 2017.

Greencore will also release its FY17 Quarter 1 Trading Statement for the 13 week period to 30 December 2016 at 7am on Tuesday 31 January 2017. A conference call for investors and analysts will be held at 8.30am (GMT) on Tuesday 31 January 2017. The conference call details, along with the FY17 Financial Calendar, are available on Greencore's website at www.greencore.com

Just hope a big correction occurs. ;-))

Trading Statement

RNS


RNS Number : 5248V

Greencore Group PLC

31 January 2017




31 January 2017





Greencore Group plc

Continued strong revenue growth in UK Food to Go; good initial progress with US integration



Greencore Group plc ("the Group") today issues a trading update covering the 13 weeks to 30 December 2017 ("Quarter 1" or "Q1").



Quarter 1 Trading

The Group recorded revenue of £417.0m in the 13 weeks to 30 December 2017, an increase of 17.1 % on the prior year on a reported basis. On a like for like basis (expressed in this statement on a constant currency basis and excluding revenue from The Sandwich Factory acquisition in July 2016), revenue was ahead by 9.1% in the quarter.



Convenience Foods

The Convenience Foods division recorded Q1 revenue of £401.6m, 16.4% ahead of the prior year on a reported basis and up 8.9% on a like for like basis. In the UK, Q1 revenue was up 13.9% on a reported basis and up 9.0% on a like for like basis (after excluding the revenue from The Sandwich Factory acquisition). This was driven principally by strong growth in our Food to Go business, which continues to benefit from robust category growth and from the roll-out of business wins announced in FY16.



The Group continues to invest for future growth. Construction of the final new facility in Northampton has been completed, with the commissioning of this facility progressing well. In Prepared Meals, we are investing significantly in capacity and capability in both our Wisbech and Warrington ready meal facilities, to support renewed contracts in that business.



In the US, reported Q1 revenue was up 31.2%, and up 8.0% on a like for like basis (after adjusting for currency), driven largely by the addition of operations in Seattle. The business continues to progress year on year, benefitting from an improved operational performance. Our focus now is on delivering new revenue growth to drive capacity utilisation and margin progression.



Ingredients and Property

The Ingredients and Property division, which now represents less than 5% of Group revenue, recorded revenues of £15.4m in Q1, £4.5m or 41.3% higher on a reported basis and 16.5% higher on a like for like (or constant currency) basis. This growth has been positively impacted by increasing demand in the global dairy markets.



US Integration

The acquisition of Peacock Foods completed on 30 December 2016. Trading in the Peacock Foods business was in line with expectations upon completion. Our integration plan is already progressing well. We will provide a more detailed update on the integration of our US businesses, including progress on the combined commercial agenda, at our half year results announcement on 23 May.



Outlook

The Group continues to deliver strong revenue growth in both the UK and US, reflecting positive category growth and the roll-out of new business wins. The integration of Peacock Foods in the US and the related synergy delivery is on track, albeit the process is at an early stage. Inflation in raw material and packaging prices and labour costs are expected to increase for the remainder of the year, although we anticipate that the combination of supply chain, purchasing and pricing initiatives will mitigate these impacts. Overall, the business is delivering a complex investment and change agenda to drive both the US integration and the new capacity additions that support the significant new business in the UK. Notwithstanding these investment costs and their impact on the phasing of profit delivery, we remain confident in our ability to deliver FY17 performance in line with market expectations.



Capital Markets Activity

The Group intends to schedule two further capital market events this year. Firstly, the business is planning to hold an analyst visit to our expanded facility in Northampton, UK on March 28. In addition, the Group intends to host a Capital Markets Day in Chicago, US on June 19. More information on these events will be distributed in due course.



Conference Call

A conference call for investors and analysts will be held at 8.30am GMT today. Dial in details are below and a replay facility will be available afterwards at www.greencore.com.

31 Jan Investec 325.00 Buy
31 Jan Peel Hunt 300.00 Buy
31 Jan Shore Capital N/A Buy
31 Jan Whitman Howard 310.00 Buy
30 Jan Whitman Howard 310.00 Buy

Market Buzz

Numis upgrades Greencore to 'buy' after first quarter results

Wed, 01 February 2017


(ShareCast News) - Numis has upgraded its recommendation on Greencore to 'buy' from 'add' with an unchanged target price of 285p, after the food producer reported "excellent" first quarter sales.
For the quarter ended 30 December 2016, revenue of £417m was up 17.1% on a reported basis. On a like-for-like basis, excluding revenue from The Sandwich Factory acquisition in July, sales rose 9.1%.

In the convenience foods division, revenue increased 16.4% to £401.6m on a reported basis and up 8.9% on a LFL basis.

In the UK, revenue rose 13.9% and up 9% on a LFL basis due to growth in the Food to Go business, which benefitted from new business wins.

The company is confident that it will deliver 2017 financial year results in line with expectations, notwithstanding the investments in the US and UK.

Numis said the results were "highly impressive" and the company has cleared up an number of investor concerns, including rising input costs and the performance of newly acquired US convenience food producer Peacock Foods. Peacock was bought for $748m in December.

"The key points in our view were thus. 1) The pointers to some future revenue synergies from Peacock Foods in the US (none were assumed when the deal was unveiled). 2) Management's confidence that higher input and labour costs can be coped with this fiscal year. These will be £20-25m for the UK operations in terms of raw materials & packaging and £13-15m for labour costs, with US labour costs likely to be higher in high single-digits in $ms. 3) the reiterated warning that UK investment and commissioning costs will feature and will lead to a second half-loading to progress for the 'old' Greencore this fiscal year. 4) The pointers to Peacock Foods' sales performance in the fourth quarter calendar year 2016 being in line and running in mid to high single-digits then: akin to the prior pointers to market growth for its key categories."

Shares dipped 0.47% to 234.90p at 0959 GMT on Wednesday.

8 Feb Peel Hunt 300.00 Buy

berenberg tips asos and scapa-among 15 small and-mid-cap-stock-picks

Likewise, Greencore, the UK and US sandwich and other convenience food maker with a market cap around £1.4bn, is seen as well positioned for organic growth in the coming 24 months at least and although UK margins may come under pressure in the short term, the business is insulated from the majority of input cost movements thanks to pass-through agreements with most customers.

The company's 7% compound annual growth rate for 2017-19 offers unsurpassed visibility, while three-year earnings per share CAGR of 8.4% and on 12 times 2018 earnings it offers "among the best value for growth in our food coverage".

24 Feb
Whitman Howard
310.00
Buy

Does anybody know why the share price dropped so much yesterday?

Hello groovyjean, not in this at the moment. I noticed the fall as well and read the link below last night.


http://www.irishtimes.com/business/agribusiness-and-food/greencore-shares-slide-as-customer-buys-us-sandwich-maker-1.3061133

Todays broker update kept the same. I would of thought the share is not a buy until management put out a statement of future effect on business .

26 Apr
Whitman Howard
310.00
Buy

29 Mar
Whitman Howard
310.00
Buy

Thanks very much dreamcatcher, that's very interesting, even if not good news...

Just got in, pleased it helped.

A buy in IC this week. More of an opportunity than a risk for the company.

Well, that's better news. I don't read IC, so many thanks, you're a star!

"Greencore is due to report its H1 results on May 23rd. We (Goodbody) anticipate the strong out-turn indicated at the time of the Q1 trading update to have continued, driven by robust underlying growth in UK Food-to-Go, aided by the benefit of new contracts coming on-stream."

Cheers for the update Harry and looks to be ok groovyjean.

Fingers crossed then :-)

Notification of reporting changes

19 May
Whitman Howard
310.00
Buy

Tues 23 MayInterims

Trading Statement
RNS
RNS Number : 2204M
Greencore Group PLC
27 July 2017
 
27 July 2017
Greencore Group plc - Trading Statement
Continued strong growth in both UK Food to Go and the US
Greencore Group plc ("Greencore" or the "Group"), a leading manufacturer of convenience food in the UK and US, today issues a trading update covering the 13 weeks to 30 June 2017 ("Quarter 3" or "Q3") and the 39 weeks to 30 June 2017 ("Year to Date").
Quarter 3 and Year to Date Trading1
The Group recorded revenue of £636.5m in the 13 weeks to 30 June 2017, an increase of 76.6% on the prior year on a reported basis and of 11.8% on a pro forma basis. Year to Date, the Group recorded revenue of £1,646.8m, 56.5% ahead of the prior year on a reported basis and 8.8% ahead on a pro forma basis.
Convenience Foods UK & Ireland
The division reported Q3 revenue growth of 20.9% to £370.6m, an increase of 15.3% on a pro forma basis. Year to Date, reported growth was 17.8% to £1,056.2m, up 12.2% on a pro forma basis.
The strong growth momentum delivered in the period was driven by the Food to Go business, which accounted for more than 60% of divisional revenue in Q3. Reported revenue grew by 32.6% and pro forma revenue grew by 22.7% in the quarter. This performance was driven by positive underlying market growth as well as by the delivery of the previously announced business wins with several of the Group's largest customers. Operational disruption relating to the launch of these business wins has reduced in Q3.
At the end of June 2017, the Group acquired a sandwich manufacturing facility in West Drayton, near Heathrow. This modest acquisition enables Greencore to add additional high quality manufacturing capacity to meet its food to go growth agenda.
In the other parts of the Convenience Foods UK & Ireland division (which include the Prepared Meals and Grocery set of businesses in the UK, and the edible oils and molasses trading businesses in Ireland), reported revenue grew by 6.4% in Q3, and by 5.3% on a pro forma basis, with particularly strong revenue growth in our Irish ingredients businesses. Trading conditions were challenging in our ready meals, cakes and desserts businesses during the quarter.
Convenience Foods US
The division reported Q3 revenue growth of 393.3% to £265.9m, an increase of 6.6% on a pro forma basis. Year to Date, reported growth was 280.5% to £590.6m, up 3.9% on a pro forma basis. Reported revenue growth primarily reflects the acquisition of Peacock Foods at the end of December 2016.
Progress with our consumer packaged goods customers (in the business formerly known as Peacock Foods) continues to be encouraging. On a pro forma basis, revenue was up 4.6% in Q3 in this business, with pro forma volume growth up approximately 8% in the quarter. This volume growth, which is a more meaningful indicator of underlying performance, was driven by good category growth and the expansion of our Carol Stream, Illinois, facility to cater for a contract win in meal kits. Pro forma revenue growth with our retail customers (in the original part of our US business) was 12.8% in Q3.
The integration of the US business is on track and the Group is encouraged by the pipeline of commercial opportunities being explored with existing and new customers. The Group believes that these opportunities, as well as an improving customer mix, will help the US division to leverage its enlarged network footprint and wider capabilities in order to drive profitable growth in FY18 and beyond.
Outlook
Q4 is the most seasonally important period for Greencore in both the UK and the US. This year, the step up in activity is expected to be even more significant given the integration of Peacock Foods, as well as the new business wins and associated project work in both the UK and the US. Notwithstanding the scale of this step up, and the fact that trading conditions remain challenging in certain parts of our UK portfolio, the Group anticipates that the FY17 performance will be in the range of current market expectations.
As indicated in the H1 results in May 2017 and at our Capital Markets Day Event in Chicago last month, this is a transformational period for Greencore. The Group is confident that this exciting phase of operational and network investment will allow it to take full advantage of its exposure to higher growth categories and, in turn, to enhance Group profit, cashflow, and returns.
 
Conference Call
A conference call for investors and analysts will be held at 8.30am BST today. Dial in details are below and a replay facility will be available afterwards at www.greencore.com.

27 Jul
Peel Hunt
300.00
Buy
27 Jul
Kepler...
300.00
Buy
27 Jul
Shore Capital
N/A
Buy
27 Jul
Whitman Howard
310.00
Buy

Not doing so well lately.

30 Nov
Kepler...
250.00
Buy

A small recovery underway, still a long way to go.

Greencore Group: Berenberg reiterates buy with a target price of 305p

Business and Trading Update
RNS
RNS Number : 4900H
Greencore Group PLC
13 March 2018

13 March 2018

GREENCORE GROUP PLC

Business and Trading Update

Greencore Group plc ("Greencore" or the "Group"), the leading international convenience food business, today announces a business and trading update.
The key highlights are:
· Restructuring of the US network to match capacity to commercial pipeline
· Changes in the US leadership model and team
· Updated FY18 outlook for Adjusted EPS1 of 14.7p-15.7p to reflect business developments and current exchange rates
US Network and Commercial Update
The acquisition of Peacock Foods in December 2016 greatly enhanced the scale, operational capabilities and financial performance of Greencore US. Since then the Group has been actively seeking to align the manufacturing network of approximately 2.5m square feet with current and prospective commercial opportunities. In its FY17 results and FY18 Q1 trading update, the Group noted continued low capacity utilisation at some of the original Greencore US sites. The Group is now restructuring its US network to reflect the commercial pipeline and to address these utilisation challenges.
· Rhode Island: Current fresh production at the Rhode Island facility will cease, effective from 25 March 2018. The facility will be retained for potential repurposing. The Rhode Island facility represented approximately 4% of the Group's US manufacturing footprint and 2% of its pro forma revenue in FY17. This decision will address the operating losses of the site that have continued into FY18.
· Jacksonville: In August 2017 the Group announced its intention to repurpose the Jacksonville facility following the loss of a supply contract. While capacity utilisation has been low through the first half of FY18, we now anticipate that new business wins will increase volumes and site utilisation from Q4 FY18.
· Minneapolis: At the point of the Peacock Foods acquisition, capacity utilisation and site economics were weak at the Minneapolis site. Over the past 12 months the Group has delivered several pieces of new business to the site, such that utilisation has improved steadily through FY18.
Greencore continues to make progress on its US commercial pipeline, most particularly with its current large Consumer Packaged Goods ("CPG") customers. Plans are well advanced which, if successful, would secure significant new business at several sites in the Midwest region. The Group anticipates that such new business would contribute revenue and earnings from the first half of FY19. The timing of these wins represents a delay versus previous expectations. Any incremental capital and cash costs related to the delivery of this new business are not expected to be significant for the Group.

Changes in the US leadership team
The Group has restructured its US leadership team to drive near term performance and to exploit its growth agenda.
· New leadership model: Patrick Coveney, Group CEO, will take a direct role in the strategic, organisational and commercial leadership of Greencore US, spending approximately half his time in the US. Chuck Metzger, COO of Greencore US, has assumed day-to-day responsibility for the US business and will report to Patrick. Chris Kirke, outgoing CEO of Greencore US, is leaving the Group to return to the UK and will work with Chuck, Patrick and the team to ensure a smooth transition.
· New senior personnel: Since January, the Group has made important additions to the US senior team, with four senior hires in the areas of Commercial, Finance, Strategy and HR. These planned additions, combined with the existing Peacock Foods operational skills, and further investments in growth capability, significantly strengthens Greencore in the US.

FY18 Outlook2
In the UK, the Group continues to anticipate good organic revenue growth and a modest improvement in operating leverage in FY18, notwithstanding softer volume growth in Q2 primarily due to poor weather.
In the US, the core CPG business has continued to perform in line with expectations. The network and commercial developments announced in this update give the Group confidence in improved financial performance through the second half of FY18 and into FY19. However, the weak performance of the Group's underutilised original sites in the first half of FY18, combined with the timing of new business contributions, and the current GBP/USD exchange rate, will reduce the expected rate of US profit growth in FY18.
The one off cash costs of resetting the US network and the management restructure are anticipated to be approximately £3m. The Group may take a non-cash, asset impairment charge to the FY18 Income Statement for the network restructuring. The scale of such a charge would be determined by the prospective future use and value of these network assets.
For FY18 the Group now anticipates Adjusted EPS in the range of 14.7p-15.7p, with approximately two thirds of that contribution delivered in the second half. This contrasts with current market expectations of 15.7p-16.6p3. The Group also anticipates that it will continue to progress towards its benchmark leverage ratio of approximately 2x Net Debt to EBITDA by the end of the fiscal year.

12:00 13/03/2018
Broker Forecast - Peel Hunt issues a broker note on Greencore Group PLC
Peel Hunt today downgrades its investment rating on Greencore Group PLC (LON:GNC) to hold (from buy) and cut its price target to 150p (from 250p). Story provided by StockMarketWire.com Broker Forecasts data provided by www.sharesmagazine.co.uk

sp seems to be in recovery mode.

nudging 200p

Looks like the rns did not go down well today -



Proposed Sale of Greencore US
RNS
RNS Number : 0068E
Greencore Group PLC
15 October 2018

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
THIS ANNOUNCEMENT INCLUDES INSIDE INFORMATION
For Immediate Release
GREENCORE GROUP PLC
Proposed Sale of Greencore US and £509 million Capital Return
15 October 2018
Greencore Group plc ("Greencore" or the "Group") a leading convenience food business, today announces that it has entered into an agreement for the sale of its entire US business ("Greencore US") to an affiliate of Hearthside Food Solutions LLC ("Hearthside") for US$1,075 million (£817 million)1 on a cash and debt-free basis (the "Transaction").
TRANSACTION highlights
· Transaction EV / EBITDA multiple of 13.4x/14.2x2,3, representing a compelling and immediate realisation of value
· Hearthside is a scale US contract food manufacturer with a heritage in US food industry outsourcing
· Net proceeds of c.£802 million will allow for Greencore to declare a Special Dividend of 72 pence per Ordinary Share, representing an aggregate amount of £509 million in cash, to shareholders as soon as practicable following completion of the Capital Reduction and the Lender Consent/Refinancing
· The Transaction will also support a strengthened balance sheet, with up to £293 million to be used to reduce leverage, and a target medium term leverage range of 1.5-2.0x Net Debt / EBITDA
· Post-Transaction, Greencore will have a leading position in its core UK market, greater financial and strategic flexibility, and potential for dynamic capital management
· Completion expected by late November 2018, conditional on approval of Greencore shareholders and US HSR clearance
GREENCORE AS A FOCUSED UK CONVENIENCE FOOD LEADER
Following the Transaction, the Board believe that the Retained Group will be well positioned with the focus, team, and flexibility to drive growth and returns. Post-transaction, the Group intends to:
· extend its leadership position in attractive categories and formats within the structurally growing convenience food market
· deepen its long-term partnerships with customers
· execute a number of value-creating initiatives in a dynamic and changing UK marketplace
· focus the organisation on UK opportunities with a strong team of leaders with industry-leading experience and expertise across strategy, commercial, manufacturing, technical/food safety and people development
· drive sustained growth, returns and cash flow for its Shareholders
Commenting on the Transaction, Greencore's CEO, Patrick Coveney, said:
"We believe that the proposed sale of our US operation represents a compelling and immediate realisation of value for Greencore's shareholders. We have always had a firm conviction on the underlying value and growth prospects of our US business and believe that this offer fully reflects that. Looking ahead, we are confident that we can deliver further growth and returns in the dynamic UK market. The proposed transaction would enhance our strategic and financial flexibility, which would allow us to build on our industry-leading position in our core UK market whilst also taking advantage of emerging organic and inorganic growth opportunities."

The Transaction is of sufficient size relative to the Group to constitute a class 1 transaction for the purposes of the Listing Rules and the Transaction is therefore conditional upon the approval of Shareholders. Accordingly, an Extraordinary General Meeting ("EGM") of Greencore is to be held at The Westin Dublin Hotel, College Green, Westmoreland Street, Dublin, D02 HR67 at 10.00 a.m. on 7 November 2018 for the purposes of approving the Transaction.

If Completion of the Transaction occurs, and subject to the occurrence of the Lender Consent/Refinancing and the Capital Reduction, it is the Board's intention to declare and pay a Special Dividend of 72 pence per Ordinary Share representing an aggregate amount of £509 million in cash. At the EGM Shareholders will also be asked to vote on a number of proposals intended to give Greencore the flexibility to implement the Special Dividend and an accompanying customary Share Consolidation.

A shareholder circular (the "Circular") containing further details of the Transaction and including the notice of the EGM will be sent to shareholders following approval by the UK Listing Authority, (expected later today), and will be available for inspection at www.greencore.com. A summary expected timetable of principal events is set out in Appendix I to this Announcement.
CURRENT TRADING
· Reiterating previously announced Adjusted EPS range of 14.7p-15.7p for FY18
· Completed disposal of Rhode Island facility for additional cash consideration of $10.8m in FY18
· FY18 Results will be issued on 4 December 2018

proactive investor - Greencore dives as it agrees US$1bn sale of US business
Share
12:40 15 Oct 2018
Shareholders will receive just over half of the £817mln sale price, but that wasn’t enough to stop the shares from dipping on Monday

CEO Patrick Coveney had previously been keen to take on America
Ready meals maker Greencore Group PLC (LON:GNC) is selling off its US business to snacks giant Hearthside Food for US$1bn (£817mln) as it doubles down on its “dynamic” home UK market.
It marks a change in strategy for the company and its chief executive Patrick Coveney, who had previously seemed keen on cracking the US.

–– ADVERTISEMENT ––





READ: Greencore shares rise on Numis upgrade
The bulk of the cash - £509mln – will be returned to shareholders in the form of a special dividend. A further £293mln will be used to beef up the balance sheet by paying down debts.
Despite the hefty payout, investors weren’t best pleased with the move away from the US, with shares dropping 7% to 192.9p.
“We believe that the proposed sale of our US operation represents a compelling and immediate realisation of value for Greencore's shareholders,” said CEO Coveney.
“We have always had a firm conviction on the underlying value and growth prospects of our US business and believe that this offer fully reflects that.”
He added: “Looking ahead, we are confident that we can deliver further growth and returns in the dynamic UK market. The proposed transaction would enhance our strategic and financial flexibility, which would allow us to build on our industry-leading position in our core UK market whilst also taking advantage of emerging organic and inorganic growth opportunities.”
Greencore, which supplies supermarkets with pre-made sandwiches, soups, quiches and other foods, expects the deal to go through late next month (November).

Proposed Tender Offer
RNS
RNS Number : 0541L
Greencore Group PLC
20 December 2018

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION
This Announcement contains Inside Information
For Immediate Release
GREENCORE GROUP PLC
Proposed return of up to £509 million by way of Tender Offer at 195 pence per Ordinary Share
and
Notice of Annual General Meeting
20 December 2018
Further to the statement made on 4 December 2018, in which Greencore Group plc ("Greencore" or the "Group") announced its intention to return up to approximately £509 million to Shareholders by way of a tender offer (the "Tender Offer"), Greencore today announces further details of the Tender Offer, including the pricing at 195 pence per Ordinary Share (the "Tender Price"), as well as the opening of the Tender Offer.
Highlights of the Tender Offer
· The Tender Price represents:
o a premium of 17.5% to the closing price of 166 pence per Ordinary Share on 19 December 2018 (being the latest practicable date prior to the release of this announcement); and
o a premium of 11.9% to the volume weighted average price per Ordinary Share over the one month to 19 December 2018.
· The maximum number of Ordinary Shares that may be acquired under the Tender Offer is 261,025,641, representing approximately 37% of Greencore's Issued Ordinary Share Capital on 19 December 2018 (being the latest practicable date prior to the release of this announcement).
· The Tender Offer opens today and will close at 1.00 pm on 29 January 2019 with cash payments expected by no later than 7 February 2019.
· To the extent the full Capital Return target amount of approximately £509 million is not utilised in the Tender Offer, Greencore intends to return the balance to Shareholders promptly after the completion of the Tender Offer, currently anticipated to be by way of a special dividend.
· The Tender Offer has no impact on the payment of the final dividend of 3.37 pence per Ordinary Share to be paid on 5 February 2019, which is payable to all Shareholders on the Register at 5.00 p.m. on 11 January 2019, being the record date for such final dividend.
· Completion of the Tender Offer will be conditional on shareholder approval of the Tender Offer at the Annual General Meeting on 29 January 2019.
The preceding summary should be read in conjunction with the full text below, as well as the shareholder circular (the "Circular"), which is expected to be published later today following receipt of approval by the FCA in its capacity as UK Listing Authority and also includes notice of Greencore's Annual General Meeting. A summary expected timetable of principal events is set out in Appendix I to this announcement.
Annual General Meeting
The Annual General Meeting is being convened for 11.00 a.m. on 29 January 2019 to consider and, if approved by shareholders, pass a number of resolutions, including the Tender Offer Resolution, as set out in full in the Circular.
The defined terms set out in Appendix II apply to this announcement.