Greencore Group PLC Interim Management Statement (6255Y)
28 1월 2014 - 4:00PM
UK Regulatory
TIDMGNC
RNS Number : 6255Y
Greencore Group PLC
28 January 2014
28 January 2014
Greencore Group plc - Interim Management Statement
Greencore Group plc ("the Group") today issues its interim
management statement for the period to 28 January 2014. Trading
information relates to the 13 weeks trading period to 27 December
2013.
Current Trading
The Group recorded revenue of GBP320.5m for the 13 weeks to 27
December 2013, an increase of 7.2% versus the prior year. On a like
for like basis (excluding the desserts activity which was sold to
Müller Dairy UK Group in January 2013 and in constant currency),
revenue growth was 9.0%.
Convenience Foods
The Convenience Foods division recorded revenue of GBP305.6m,
6.9% higher than in the prior year on a reported basis. On a like
for like basis (excluding the desserts activity which was sold to
Müller Dairy UK Group in January 2013 and in constant currency),
revenue growth was 9.1%.
In the UK, like for like revenue was 7.2% higher than in the
prior year. While the overall grocery retail environment remains
challenging, the small store format continues to exhibit strong
growth aiding our food to go activity. During the period, we
invested in significant re-launch activity with several key
customers, and we continue to develop a pipeline of future growth
opportunities for FY15. Our expectations for input cost inflation
remain unchanged at around 3%, with pressure in proteins and
dairy.
In the US, constant currency revenue was 26.2% higher than the
prior year reflecting the commencement of the Starbucks supply
agreement. We continue to develop future innovation and
distribution opportunities with our key customers.
Ingredients and Property
The Ingredients and Property division, which now represents less
than 5% of Group activity, recorded revenue of GBP14.9m, 13.7%
higher than prior year in reported currency and 8.5% higher on a
constant currency basis.
Financial Position
The Group's financial position remains strong with good headroom
within existing debt facilities. As reported in the full year
results statement in November 2013, the Group refinanced $65m of
maturing US private placement notes in October 2013 with a new
eight year maturity.
Outlook
The Group remains well positioned as a focused and disciplined
convenience foods business in its chosen markets of the UK and US.
Economic conditions in the UK are steadily improving. While this
improvement has yet to be seen in larger grocery stores, we are
seeing more buoyant activity in small stores and in product
categories which perform well in these stores, such as food to
go.
Greencore has had a good start to the year and we remain
confident in our ability to deliver financial performance for the
year in line with market expectations(1) .
Conference Call
A conference call for investors and analysts will be held at
8.30am GMT today. Dial in details are below and a replay facility
will be available afterwards at www.greencore.com.
Conference Call Details:
Ireland: +353 (0) 1 246 5602
UK/International: + 44 (0) 20 3427 1902
Access code: 6217933
For further information:
Alan Williams Chief Financial Tel: + 353 1
Officer 605 1045
---------------- ---------------- -------------
Rob Greening or Powerscourt Tel: + 44 20
Lisa Kavanagh 7250 1446
---------------- ---------------- -------------
NOTES
1) The Group collates contributing analyst forecasts on a
regular basis and publishes a summary on its website
www.greencore.com. The underlying forecasts are the responsibility,
and constitute the judgement, of each individual contributing
analyst alone. In distributing this analysis, Greencore Group does
not imply its endorsement of, or concurrence with, any or all of
such information, conclusions or recommendations.
2) This announcement is based on information sourced from unaudited management accounts.
3) The Group will publish its interim results announcement on 20(th) May 2014.
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.
About Greencore:
-- A leading manufacturer of convenience food in the UK and the US
-- Strong market positions in the UK convenience food market
across food to go, chilled prepared meals, chilled soups and
sauces, ambient sauces & pickles, cakes & desserts and
Yorkshire puddings
-- A fast growing food to go business in the US, serving both
the convenience and small store channel and the grocery channel
This information is provided by RNS
The company news service from the London Stock Exchange
END
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