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/

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."