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/

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.