Greencore Group PLC Interim Management Statement (5495N)
29 7월 2014 - 3:01PM
UK Regulatory
TIDMGNC
RNS Number : 5495N
Greencore Group PLC
29 July 2014
29 July 2014
Greencore Group plc - Interim Management Statement
Continued good revenue growth - on track to deliver adjusted EPS
in line with expectations
Greencore Group plc ("the Group") today issues its interim
management statement for the period to 29 July 2014. Trading
information relates to the 13 weeks to 27 June 2014 ("Quarter 3" or
"Q3") and the 39 weeks to 27 June 2014.
Quarter 3 Trading
The Group recorded revenue of GBP326.4m in the 13 weeks to 27
June 2014, an increase of 6.7% on the prior year on a reported
basis and an increase of 7.5% on a like for like basis.(1)
Convenience Foods
The Convenience Foods division recorded revenue of GBP310.5m,
8.7% higher than the prior year on a reported basis and up 9.3% on
a like for like basis.
In the UK, like for like revenue was 10.1% higher than in the
prior year. While the overall grocery market remained challenging,
the food to go market was buoyant throughout the period driven in
part by growth in small store formats. Activity with several key
customers resulted in the Group outperforming the food to go
market. Both the Prepared Meals and Grocery businesses recorded
modest improvement in revenue growth trajectory versus H1. The
extension of the existing facility in Northampton is on track and
plans are well advanced for the adjacent new build.
In the US, constant currency revenue was 16.9% higher than in
the prior year, including the contribution from Lettieri's.
Following the planned exit of a set of non-core product lines
during the period, like for like growth was 4%. The extension of
our Jacksonville facility has now been completed with first
customer shipments delivered in late July. Construction has
commenced on the new facility in Rhode Island, with the project on
track for commissioning in late Spring 2015.
Ingredients and Property
The Ingredients and Property division, which now represents less
than 5% of Group activity, recorded revenues of GBP15.9m in Q3,
GBP4.2m (20.9%) lower than the prior year in reported currency and
18.2% lower on a constant currency basis.
Year to Date Trading
In the 39 weeks to 27 June 2014, the Group recorded revenue of
GBP946.2m, 7.7% ahead of the prior year on a reported basis and
8.5% ahead on a like for like basis. Year to date revenue in the
Convenience Foods division was GBP898.4m, 8.5% higher than the
prior year on a reported basis and up 9.3% on a like for like
basis.
Disposal Activity and Financial Position
During the period, the Group completed the disposal of its
foodservice desserts business, Ministry of Cake, for upfront cash
consideration of GBP8m and deferred consideration of up to
GBP3m.
The Group has also concluded an agreement in connection with the
sale of residential land in Littlehampton, West Sussex. Net
proceeds of approximately GBP16.5m are expected to be received in
the current financial year. The Group has retained land with
commercial planning consent and will look to market this by 2017.
While this will result in a non-cash charge of approximately
GBP3.5m against the carrying value of investment property, the
resolution of other legacy matters in the half will fully offset
this amount.
The Group is operating with good headroom within existing debt
facilities and remains focused on further de-leveraging whilst
taking opportunities to invest in future development in support of
its customers.
____________ (1) "Like for like" excludes revenue from the
desserts activity which was sold to Müller Dairy UK Group and from
Ministry of Cake, excludes revenues from Lettieri's in the US and
is expressed in constant currency.
Outlook
The Group continues to trade well and we remain confident in our
ability to deliver adjusted EPS growth for the financial year 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: +353 1 247 6528
UK/International: + 44 20 3427 1903
USA: +1 646 254 3367
Access code: 1820160
For further information:
Alan Williams Chief Financial Tel: + 353 1
Officer 605 1045
--------------- ---------------- --------------
Rob Greening / Powerscourt Tel: + 44 207
Lisa Kavanagh 250 1446
--------------- ---------------- --------------
NOTES TO EDITORS
1) 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
2) This announcement is based on information sourced from unaudited management accounts
3) 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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