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/

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.