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/

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

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