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/

Interim Management Statement

Quarter 3 Trading
Trading during the quarter was in line with our expectations. The Group recorded revenue of £305.8m in the 13 weeks to 28 June 2013, an increase of 2.6% on the prior year.

Convenience Foods
The Convenience Foods division recorded revenue of £285.7m, 2.8% higher than the prior year. The revenue growth reflects both the contribution from acquisitions but also the impact of business exited, notably in the former Uniq chilled desserts activities.

In the UK, revenue was 1.3% lower than the prior year on a like-for-like basis (that is excluding both the acquisition of the International Cuisine business acquired in August 2012 and the Uniq desserts activities which were exited or sold).

Market conditions in the UK remained tough during Q3 with continued poor weather affecting the business for much of the period. Whilst the overall chilled ready meals market is gradually recovering from the impact of the horsemeat scandal earlier in the year, Italian ready meals remained in year-on-year decline affecting the Prepared Meals division. We have continued to focus on delivery of operating efficiencies and maintained tight cost controls across the UK business to mitigate these impacts.

In the US, revenues were more than 50% higher than in the prior year period. This growth reflects the impact of the acquisitions of MarketFare Foods and Schau, both of which are performing well, together with the commencement of food to go supply to Starbucks. This supply agreement is now fully live across the four sites envisaged.

Ingredients and Property
The Ingredients and Property division, which represented 6% of Group revenues in FY12, recorded revenues of £20.1m in Q3, in line with the prior year in reported currency and 3.6% lower on a constant currency basis. The molasses business continued to perform very strongly aided by poor weather.

Year to Date trading
In the 39 weeks to 28 June 2013, the Group recorded revenue of £878.7m, 1.5% ahead of the prior year. The Convenience Foods division recorded revenue of £827.8m year to date, 2.1% higher than the prior year.

Financial Position
The Group continues to operate with good headroom within existing debt facilities and remains focused on further de-leveraging throughout FY13.

Outlook
UK market conditions remained tough throughout the third quarter and the recovery in the ready meals market remained subdued. Whilst recent UK macro-economic data has been more positive and the weather has been more favourable, we still expect conditions to remain challenging. However, the Group is strategically well positioned with a balanced customer portfolio and exposure to faster growing convenience categories. With the tight operating and financial controls we have in place, we remain confident in our ability to deliver growth in adjusted earnings per share for the financial year in line with expectations.

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.

Greencore Group: Investec raises target to 166p from 130p, retains buy

31 Jul Davy Research N/A Outperform

FTSE 250 INCLUSION AND NOTICE OF FULL YEAR RESULTS

RNS


RNS Number : 5865O

Greencore Group PLC

23 September 2013






GREENCORE GROUP PLC



FTSE 250 INCLUSION AND NOTICE OF FULL YEAR RESULTS



Greencore Group plc ("Greencore") notes the recent announcement by FTSE that Greencore will enter the FTSE 250 index with effect from the start of trading today.



Greencore also confirms that it will release its results for the year ended 27 September 2013 at 7.00am on Tuesday 26 November 2013.



A presentation of the results will be made to analysts and institutional investors at 8.30am on Tuesday 26 November 2013 at Investec Bank plc, 2 Gresham Street, London EC2V 7QP.

Greencore Group PLC (GNC:LSE) set a new 52-week high during Friday's trading session when it reached 166.10. Over this period, the share price is up 85.07%.


Clearly over the horse meat scandal.

FTSE 250 movers: Greencore boosted by Starbucks expansion plans

Fri, 01 November 2013



Irish food company Greencore was a strong riser on the second tier, most likely due to the news that Starbucks is planning to expand its food range in the US. Greencore is one of Starbucks's main food suppliers, as well as being the biggest sandwich maker in the world, making this big news for the FTSE 250 group.

Full Year Results Statement


FINANCIAL HIGHLIGHTS

· Group operating profit1 up 8.1% to £76.5m;

· Group operating margin1 of 6.4%, a 30 bps increase;

· Strong growth in adjusted EPS2, up 13.3% to 14.5p;

· Proposed final dividend of 2.9 pence per share, giving a total dividend of 4.8 pence per share, up 12.9%; and

· Strong cash flow generation reducing net debt by £25.2m. Net debt: EBITDA leverage (reported basis) down from 2.75 times to 2.3 times.



OPERATIONAL HIGHLIGHTS

· Integration of Uniq completed with restructuring of the desserts business and disposal of Minsterley facility. Integration of International Cuisine completed; and

· US integrations completed and successful roll out of food to go range to Starbucks USA from four of our six facilities.




http://www.moneyam.com/action/news/showArticle?id=4712544

26 Nov Investec 202.00 Buy

A buy in this weeks IC - Greencore gains momentum

Last year proved challenging for ready meals maker Greencore after sentiment was hit by the horse meat scandal- although its own products tested negative for equine DNA. Despite that, adjusted pre-tax profit rose 11.8% to £61.6m. The company has cut its debt pile by £25m ,too. This year should prove easier as consumer confidence continues to recover and the group benefits further from US progress. With that positive backdrop, a forward PE 12 looks too low.

Greencore: Numis ups target price to 184p and keeps a hold recommendation.

Greencore Group PLC (GNC:LSE) set a new 52-week high during today's trading session when it reached 231.00. Over this period, the share price is up 117.82%.

7 Jan Investec 225.00 Add
6 Jan Goodbody 230.00 Buy

New high @253p.

28 Jan Goodbody 242.00 Hold
28 Jan Investec 240.00 Add

26 Feb Davy Research N/A Outperform
26 Feb Numis 265.00 Hold
25 Feb Investec 265.00 Buy

Greencore Group PLC (GNC:LSE) set a new 52-week high during today's trading session when it reached 287.80. Over this period, the share price is up 185.29%.

Greencore: Jefferies raises target price from 275p to 320p maintaining a buy recommendation.

8 Apr Numis 309.00 Add

Shares -Greencore goes for US growth

Sandwiches-to-salads supplier offers an exciting play across the pond


Convenience food manufacturer Greencore (GNC) looks interesting ahead of next month’s (20 May) half-year results. Confirmation of continuing trading momentum on home turf as well as in the United States offer combined catalysts for forecast upgrades.

The Dublin-headquartered firm boasts strong market positions in the UK convenience food space, where it serves the ‘food to go’ sector and makes everything from chilled ready meals to sauces, cakes and Yorkshire puddings.

But it is the US market, where the company is expanding its footprint and growing sales at pace, that really excites. Across the pond, Greencore boasts a fast-growing food to go business serving convenience and small stores as well as grocery groups, with major customers including coffee house giant Starbucks and 7-Eleven.

Greencore: Investec cuts target price from 285p to 273p downgrading from buy to add.

Half Yearly Report


FINANCIAL HIGHLIGHTS



§ Group revenue of £619.8m, up 8.2% (as reported) and up 9.3% on a like for like1 basis

§ Convenience Foods like for like1 revenue growth of 9.6%

§ Group operating profit2 up 14.0% to £37.2m

§ Strong growth in adjusted EPS3, up 18.6% to 7.0 pence

§ Interim dividend of 2.20 pence per share, an increase of 15.8% versus H1 13

§ Net exceptional charge of £12.6m, of which £10.0m relates to non-cash items



STRATEGIC DEVELOPMENTS



§ Further build out of US food to go business with the acquisition of Lettieri's LLC ("Lettieri's"), investment in Jacksonville and announcement of new site construction in Rhode Island

§ Announcement today of major investment in Northampton food to go facility to facilitate new business win

§ Disposal of foodservice desserts business, Ministry of Cake


http://www.moneyam.com/action/news/showArticle?id=4813978