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 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Then the company said this product plus one or two withdrawn products amounted to a tiny amount of profit/turnover.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

Duplicate

By Jamie Nimmo
May 21 2013, 10:24am





Ready meals maker Greencore (LON:GNC) has managed to ride the horsemeat scandal, reporting some strong first-half results on Tuesday.

But this did not stop broker Numis from downgrading the shares from ‘add’ to ‘hold’.

Analyst Charles Pick points out that the company that makes ready-made, microwavable meals posted a “remarkably resilient performance” in spite of the scandal.

Adjusted pre-tax profits rose almost 10% to £26.5mln.

“A good result given circumstances, and well ahead of the £25.1m we had projected,” said Pick.

“Greencore faced varied headwinds in the H1 period: the strong comparative at the Convenience Foods operations in H1 of last year; the dull trading at most UK grocery majors; the coldest March since 1962 in the UK; some (mainly indirect) impact from the horse meat issue that constrained sales of ready meals; and minor start-up costs for the US Starbucks contract.”

Like-for-like sales though were 6% lower, with shoppers not yet convinced about eating ready meals again after ‘horse-gate’.

Oriel Securities stuck to its ‘buy’ rating even though the results fell short of its expectations.

“While the ‘miss’ and good share price run into results may prompt a near term share price drop, the story remains interesting,” it said.

Investec and Shore Capital also kept ‘neutral’ stances on Greencore.

Closed up 8.69%

21 May 10:45 Greencore Group PLC Shore Capital Reiterates
21 May 09:37 Greencore Group PLC Investec Reiterates
21 May 08:52 Greencore Group PLC Numis Downgrades

23 May 09:14 Greencore Group PLC Numis Reiterates

A buy in this weeks IC - Greencore finally finds its stride.

The worst of the horse meat scandal is behind the company. Greencore's share price has appreciated strongly over the past 12 months as its fixed legacy issues and delivered on its growth objectives. While not as cheap as they once were, the shares still offer value, trading on 8.5 times forward earnings and underpinned by a prospective dividend yield of 4%.

Director buy


28/05 BUY GNC Greencore Group PLC Moloney, John Non Executive Director 25,000


Ex-Dividend
05 Jun 13 Greencore Group PLC [GNC] (1.9 p)

In this weeks Shares mag - One they think has further to run. The Us market in prepared food-to-go is 'real and growing' Robust trading , a strong balance sheet, excellent levels of cash generation, an attractive dividend yield.

Greencore Group PLC (GNC:LSE) set a new 52-week high during today's trading session when it reached 141.75. Over this period, the share price is up 86.14%.

Recovered very well since the horse meat scare.



Still a buy in this weeks Shares mag. Finals in Nov . Further forecast upgrades could be on the cards as the sandwiches -to- chilled meats maker updates on progress at its fast growing food -to-go business in the US. The firm has transformed its business across the pond through the acquisitions of MarketFare and Schau and by kick-starting a significant supply deal with Starbucks. For the year to Sept, Numeris Securities looks for 16.7% earnings per share (EPS) growth to 14.7p and a 4.95p dividend, ahead of 16% EPS progress to 17.1p and 5.6p shareholder reward in 2014.
Despite attractive forecast growth rates , Greencore trades on a single digit prospective Price /earnings PE ratio of 9.6 and a EV/ EBITDA ratio of 7.8. Weighing on sentiment is the £272.7m of net debt on the balance sheet as at 29 March as well as a £155.9 million net pension deficit, although ongoing debt reduction and further progress stateside offer powerful potential rerating catalysts.