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/

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