Greencore Group PLC Interim Management Statement (8466I)
31 7월 2012 - 3:00PM
UK Regulatory
TIDMGNC
RNS Number : 8466I
Greencore Group PLC
31 July 2012
31 July 2012
Greencore Group plc - Interim Management Statement
Greencore Group plc ("the Group") today issues its interim
management statement for the period to 30 July 2012. Trading
information relates to the Group's Q3 trading period to 29 June
2012.
Current Trading
The Group has continued to perform well in the 13 weeks to 29
June 2012 with headline revenue growth of 46.9% and core growth
(assuming Uniq had formed part of the Group throughout the prior
year and excluding Desserts product lines which have been or are
being exited) of 11.1%, or 6.7% excluding the addition of
MarketFare Foods, LLC ("MarketFare") from 18 April 2012.
On a Year to Date basis, reported revenues for the 39 weeks to
29 June 2012 of GBP865.6m are 48.8% ahead of the comparable period
in the prior year with core growth of 10.3% or 8.7% excluding the
contribution from MarketFare.
Q3 revenue analysis (13 weeks to 29 June 2012)
Revenue Greencore Former Total Former Total
(GBPm) businesses Uniq - business Uniq Group
- pre-Uniq continuing - continuing - activity - as
activities to be reported
exited
------------------ ------------ ------------ -------------- ------------ ----------
Convenience
Foods 207.3 60.1 267.4 10.5 277.9
------------------ ------------ ------------ -------------- ------------ ----------
% growth 12.8% 7.3% 11.5% -52.4% 51.2%
------------------ ------------ ------------ -------------- ------------ ----------
% growth
excl MarketFare 6.6% 6.8% 45.0%
------------------ ------------ ------------ -------------- ------------ ----------
Ingredients 20.1 20.1 20.1
------------------ ------------ ------------ -------------- ------------ ----------
% growth 5.1% 5.1% 5.1%
------------------ ------------ ------------ -------------- ------------ ----------
Total Group 227.4 60.1 287.5 10.5 298.0
------------------ ------------ ------------ -------------- ------------ ----------
% growth 12.1% 7.3% 11.1% -52.4% 46.9%
------------------ ------------ ------------ -------------- ------------ ----------
% growth
excl MarketFare 6.5% 6.7% 41.3%
------------------ ------------ ------------ -------------- ------------ ----------
YTD revenue analysis (39 weeks to 29 June 2012)
Revenue Greencore Former Total Former Total
(GBPm) businesses Uniq - business Uniq Group
- pre-Uniq continuing - continuing - activity - as
activities to be reported
exited
------------------ ------------ ------------ -------------- ------------ ----------
Convenience
Foods 590.7 170.8 761.5 49.0 810.5
------------------ ------------ ------------ -------------- ------------ ----------
% growth 11.7% 7.4% 10.7% -29.0% 53.3%
------------------ ------------ ------------ -------------- ------------ ----------
% growth
excl MarketFare 9.6% 9.1% 51.1%
------------------ ------------ ------------ -------------- ------------ ----------
Ingredients 55.2 55.2 55.2
------------------ ------------ ------------ -------------- ------------ ----------
% growth 4.2% 4.2% 4.2%
------------------ ------------ ------------ -------------- ------------ ----------
Total Group 645.9 170.8 816.7 49.0 865.6
------------------ ------------ ------------ -------------- ------------ ----------
% growth 11.0% 7.4% 10.3% -29.0% 48.8%
------------------ ------------ ------------ -------------- ------------ ----------
% growth
excl MarketFare 9.1% 8.7% 46.9%
------------------ ------------ ------------ -------------- ------------ ----------
The Convenience Foods division recorded revenue of GBP277.9m in
the 13 weeks to 29 June 2012, an increase of 51.2% on the prior
year. The legacy Greencore business recorded volume led revenue
growth of 6.6% with good growth across the key category businesses.
Inclusion of MarketFare from 18 April boosted this growth rate to
12.8%.
The continuing former Uniq businesses also performed well in the
period with underlying revenue growth of 7.3%. The revenue decline
in the parts of the Uniq desserts business which are being exited
or sold was 52.4%. The everyday desserts category at Minsterley was
fully exited at the end of June. Following the announcement on 15
June 2012 of the disposal of the Minsterley facility to Muller,
revenues from the sale of Cadbury branded desserts to Muller have
now been included within "activity to be exited".
Performance across the business in the third quarter was
somewhat impacted by weather and the Jubilee celebrations. We
experienced strong performance in May in the run up to the Jubilee
bank holiday helped by some good weather, whereas demand in June
was impacted by inclement weather conditions.
The integration of Uniq continues to progress in line with
expectations. Following the acquisitions of MarketFare on 18 April
2012 and H.C. Schau and Son, Inc in late June together with a
significant new contract award, the Group now has a business of
scale in the US Food to Go market. A considerable amount of work is
under way to integrate the US businesses.
The Ingredients business performed well during the period and
delivered revenue growth of 5.1%.
Financial Position
The Group's financial position remains robust with good headroom
within existing facilities. Both of the US acquisitions completed
during the quarter were funded from existing debt facilities. The
Group continues to manage cash tightly and still expects to
maintain leverage below 3.0 times at September 2012.
Outlook
The Group continues to perform well despite the challenging and
volatile market conditions. Whilst we do not anticipate any
material improvement in the trading environment in the near future,
we remain confident in our ability to deliver growth in adjusted
earnings per share in line with market 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.
Conference Call Details:
Ireland Toll +353(0)1 4860918
UK/International Toll +44(0)20 3364 5381
Access code: 8643678
For further information:
Alan Williams Chief Financial Tel: + 353 1
Officer 605 1018
---------------- ---------------- --------------
Lisa Kavanagh / Powerscourt Tel: + 44 207
Rob Greening 250 1446
---------------- ---------------- --------------
NOTES TO EDITORS
1) Greencore:
- A leading international producer of convenience food
- Strong market positions in the UK convenience food market
across sandwiches, chilled prepared meals, chilled soups and
sauces, ambient sauces and pickles, cakes, desserts and Yorkshire
puddings
- Extending presence outside the UK with an emerging convenience food business in the US
2) Revenue growth in the 13 weeks and 39 weeks to 29 June 2012
is compared to the first 13 and 39 weeks respectively of the
previous financial year and equivalent weeks for Uniq plc
businesses. FY11 was a 53 week period for the Greencore legacy
business. The additional week took place in Q3 2011 - all
comparisons within this statement have been adjusted to exclude
this extra week.
3) This announcement is based on information sourced from unaudited management accounts.
4) This announcement contains certain forward looking statements
with respect to the financial conditions, results of operations and
businesses of the Group. These statements involve risk and
uncertainty because they relate to events and depend upon
circumstances that will occur in the future. There are a number of
factors that could cause actual results or developments to differ
materially from those expressed or implied by these forward looking
statements. Nothing in this announcement should be construed as a
profit forecast.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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