TIDMGNC
RNS Number : 1069H
Greencore Group PLC
30 July 2019
30 July 2019
Greencore Group plc
Resilient Q3 performance in challenging conditions
Greencore Group plc ("Greencore" or "the Group"), a leading
manufacturer of convenience foods in the UK, today issues a trading
update covering the 13 weeks to 28 June 2019 ("Q3" or "the
quarter").
Quarter 3 and Year to Date Trading(1,2)
Revenue Growth
Q3 Year to Date
--------------------- ---------------------
Reported Pro forma Reported Pro forma
--------- ---------- --------- ----------
Group - continuing operations -2.9% +0.8% -4.0% +3.8%
--------- ---------- --------- ----------
Food to go categories +0.6% +0.6% +4.6% +4.6%
--------- ---------- --------- ----------
Other convenience food
categories -9.8% +1.4% -16.9% +2.3%
--------- ---------- --------- ----------
Greencore delivered a solid performance in a challenging quarter
for the UK grocery sector.
Reported revenue from continuing operations was GBP365.0m in Q3,
a decrease of 2.9% on the prior year primarily reflecting the
impact of site disposals and business exits (Hull, Evercreech, and
Kiveton ready meals). On a pro forma basis, revenue increased by
0.8% in the quarter.
Year to date, the Group's reported revenue from continuing
operations was GBP1,066.4m, a decrease of 4.0% on the prior year on
a reported basis. On a pro forma basis, revenue increased by
3.8%.
In the Group's food to go categories, reported revenue was
GBP250.6m in Q3, an increase of 0.6% on both a pro forma and
reported basis, all driven by underlying product revenue growth.
This growth reflected weak market conditions with unseasonal
weather, a varied trading performance across the customer
portfolio, set against a strong comparative period. Year to date,
reported revenue in food to go categories was GBP697.8m, an
increase of 4.6% on both a pro forma and reported basis.
Reported revenue in the Group's other convenience food
categories totalled GBP114.3m in Q3, an increase of 1.4% on a pro
forma basis, and a 9.8% reduction on a reported basis again
reflecting the impact of site disposals and business exits. Year to
Date, reported revenue was GBP368.6m, an increase of 2.3% on a pro
forma basis and a 16.9% reduction as reported.
Underlying free cash generation for the Group in Q3 was in line
with expectations.
Outlook
The Group is performing well against its strategic and financial
objectives, despite the soft underlying revenue growth in Q3. The
final quarter represents a seasonally important period for
Greencore and the Group continues to anticipate growth in Adjusted
Operating Profit for the full year supported by underlying revenue
growth and a good operational performance.
In addition, the Group anticipates that FY19 Net Debt:EBITDA, as
measured under financing agreements, will be at the lower end of
its medium term target range of between 1.5x to 2.0x.
Greencore will report its FY19 results on 26 November 2019.
Capital Markets Day
The Group will host a Capital Markets Day in London on 26
September 2019. The event will provide an opportunity for
institutional investors and analysts to engage with the executive
and senior management team, as they provide an insight into
Greencore's growth agenda, differentiated business model in UK
convenience food, and capital allocation criteria among other
topics.
Conference Call
A conference call for investors and analysts will be held at
8.30am today. Dial in details are below and a 7 day replay facility
will be available afterwards at www.greencore.com.
Participants wishing to dial into the conference call can do so
using the following details:
Ireland number: +353 (0)1 431 9615
UK number: +44 (0)844 571 8892
US number: +1 631 510 7495
Confirmation code: 7874428
A replay of the presentation will be available on
www.greencore.com and also through a 7 day conference call replay
facility.
Ireland replay number: +353 (0)1 553 8777
UK replay number: +44 (0)844 571 8951
US replay number: +1 917 677 7532
Replay code: 7874428
For further information, please contact:
Patrick Coveney Chief Executive Officer Tel: +353 (0) 1 486
3313
Eoin Tonge Chief Financial Officer Tel: +353 (0) 1 486
3316
Jack Gorman Head of Investor Relations Tel: +353 (0) 1 486
3308
Rob Greening or Powerscourt Tel: +44 (0) 20 7250
Sam Austrums 1446
Billy Murphy or Drury | Porter Novelli Tel: +353 (0) 1 260
Louise Walsh 5000
(1) Pro forma references throughout this statement are on a
constant currency basis. Reported revenue in the current year is
adjusted to exclude the impact on transition to IFRS 15 Revenue
from contracts with customers on the Group's Irish ingredients
trading business. Reported revenue in the prior year is adjusted to
exclude revenue from the Group's cakes and desserts businesses
which were disposed of in the prior year and to reflect the impact
of exiting manufacturing of longer life ready meals at the Kiveton
facility.
(2) Continuing operations represent the Convenience Foods UK
& Ireland reporting segment. Following the disposal of the US
business on 25 November 2018, the results of the US business are
presented as discontinued operations in both Q3 and year to
date
About Greencore
Greencore is a leading manufacturer of convenience food in the
UK. It supplies grocery and other retailers including all of the
major UK supermarkets. The Group has strong market positions in a
range of categories including sandwiches, sushi, salads, chilled
ready meals, chilled soups and sauces, chilled quiche, ambient
sauces and pickles, and frozen Yorkshire Puddings.
On an annual basis, Greencore manufactures approximately 706
million sandwiches and other food to go products, 144 million
chilled prepared meals, and 226 million bottles of cooking sauces,
pickles and condiments. The Group carries out around 7,500
deliveries to stores each day.
Greencore has 15 world-class manufacturing sites in the UK, with
industry-leading technology and supply chain capabilities. The
Group employs approximately 11,300 people and is headquartered in
Dublin, Ireland.
For further information go to www.greencore.com or follow
Greencore on social media.
This announcement is based on information sourced from unaudited
management accounts.
Certain statements made in this Trading Update are
forward--looking. These represent expectations for the Group's
business, and involve known and unknown risks and uncertainties,
many of which are beyond the Group's control. The Group has based
these forward--looking statements on current expectations and
projections about future events. These forward-looking statements
may generally, but not always, be identified by the use of words
such as "will", "aims", "anticipates", "continue", "could",
"should", "expects", "is expected to", "may", "estimates",
"believes", "intends", "projects", "targets", or the negative
thereof, or similar expressions.
By their nature, forward-looking statements involve risk and
uncertainty because they relate to events and depend on
circumstances that may or may not occur in the future and reflect
the Group's current expectations and assumptions as to such future
events and circumstances that may not prove accurate. A number of
material factors could cause actual results and developments to
differ materially from those expressed or implied by
forward-looking statements. You should not place undue reliance on
any forward-looking statements. These forward-looking statements
are made as of the date of this Trading Update. The Group expressly
disclaims any obligation to publicly update or review these
forward-looking statements other than as required by law.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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