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/

Thanks skinny, I will sit on the side line and watch.

18 February 2013

GREENCORE UPDATE REGARDING ASDA PRODUCT WITHDRAWAL

Test Result

Greencore confirmed on Saturday 16 February 2013 that it had been informed by Asda that the results of the quantitative tests on Asda's Chosen By You 350g Beef Bolognese Sauce(1) , manufactured at Greencore's Bristol facility, had shown above trace levels (4.8%) of equine DNA.

All other Greencore and customer test results on Greencore products have been negative, and none of its other twenty one Convenience Foods sites have been affected.

Our Operational Response

Since the issue has arisen, Greencore has been in constant dialogue with its customers who are supportive of our response. Specifically, Greencore can confirm that it has received assurance from Asda that it remains supportive of Greencore and the steps it is taking with regards to this matter.

With regards to the Bristol facility, Greencore and its customers have tested a range of meat and non meat products at the facility and all results have tested negative. However, as a precautionary measure, Greencore completed a full deep clean shutdown of its Bristol facility over the weekend before restarting full production today.

More broadly, Greencore is implementing additional species screening procedures in its supply chain for beef related ingredients(2) going into all Greencore facilities. Furthermore, Greencore will take whatever actions are necessary to protect its supply chain going forward.

Looking for a quid today.

Panmure Gordon Buy 98.63 92.50 110.00 110.00 Upgrades

Oriel Securities Buy 98.75p 130.00p 130.00p Reiteration

Any idea what happened to make the sp crash back in 2004/5?

Looks like a 10:1.

On edit :- looks like it was 70:1

A quid touched.

Well done on the rise skinny, looks like a quick recovery.

Thanks DC - I won't be a long term holder here.

Pints all round. :-))

Thanks. lol

The naked trader comments on 27 Feb

As I mentioned last time when I took huge profits of over £5,000 in Greencore (GNC) I would love to buy them back at 90.

Well, goodness me what a wonderful opportunity came by and I grabbed it - getting not 90p but a brilliant 82.1 p and at 84.

Shares tumbled after a report some horse was in one of its sauces. However that wasn't anywhere near worth a tumble from 115p to 82p !

Then the company said this product plus one or two withdrawn products amounted to a tiny amount of profit/turnover. This was an amazing chance to bag some shares at the totally wrong price and I took full advantage,

The only question is now when to take profits. I don't see why the shares should not soon get back to where they were before the alarm at 115p. At the moment they are horsing around the 100 mark.

Do not know if you are still in this one skinny ?

The recent horsemeat scandal has left the sector in pieces as products have been pulled from supermarket shelves.

Panmure Gordon still rates Irish food group Greencore’s (LON:GNC) shares a ‘buy’ even after its beef bolognaise sauce was dragged off Asda’s shelves.

It comes after 2 Sisters Food Group declared itself cautious on the outlook for ready meals given the recent crisis. But the broker sees limited read-across for Greencore.

Panmure said: “We don't disagree with the company's broad caution, given the current consumer environment, and acknowledge that the horse meat scandal has negatively impacted the ready meals category for which we have already adjusted our Greencore forecasts.”

No I'm out DC - suffering from info overload atm.

Greencore Group: Numis revises target price from 105p to 120p upgrading to add

Greencore: Investec shifts target price from 125p to 130p and maintains a buy recommendation. Panmure Gordon takes target price from 110p to 125p retaining its buy recommendation.

Ready meals maker Greencore (LON:GNC) has had to work just as hard to fight its way back since the horsemeat scandal.

Its products sold at Asda were found to contain traces of horse DNA, which saw the group tossed into a media storm.

As part of its comeback, Greencore has signed up a heavyweight to its board – none other than former Trinity Mirror (LON:TNI) boss Sly Bailey.

But questions will be raised about to her appointment given that she oversaw a 90% slump in her former company’s share price over her nine years in the hot seat.

Investors were left uninspired by the signing, which shares unmoved on the news.

Half Yearly Report


HIGHLIGHTS



§ Group revenue of £572.9m, up 0.9%;

§ Convenience Foods revenue of £542.1m, up 1.8%;

§ Group operating profit1 up 6.3% to £33.7m;

§ Strong growth in adjusted EPS2, up 10.9%;

§ Interim dividend of 1.90 pence per share, an increase of 8.6% versus H1 12;

§ Restructuring of Uniq desserts activity completed with disposal of Minsterley chilled desserts facility; and

§ Roll out of food to go range in Starbucks USA successfully commenced.



http://www.moneyam.com/action/news/showArticle?id=4598534

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