TIDMGNC
RNS Number : 0260H
Greencore Group PLC
25 July 2023
25 July 2023
Solid financial and operational performance in Q3; on track to
deliver full year results in line with current market
expectations
Greencore Group plc ('Greencore' or the 'Group'), a leading
manufacturer of convenience foods in the UK, today issues its
trading update for the 13 weeks ended 30 June 2023 ('Q3' or 'the
quarter').
Q3 TRADING
Revenue Revenue Growth (versus FY22)
Q3 Q3 9 Months
-------- ------------------------ ------------------------
GBPm Reported Pro Forma(1) Reported Pro Forma(1)
-------- --------- ------------- --------- -------------
Group 495.4 +1.9% +9.3% +13.1% +16.0%
-------- --------- ------------- --------- -------------
Food to go categories 335.3 +0.6% +8.1% +9.6% +12.7%
-------- --------- ------------- --------- -------------
Other convenience
categories 160.1 +4.7% +12.1% +19.9% +22.4%
-------- --------- ------------- --------- -------------
(1) Pro Forma Revenue Growth (versus FY22) adjusts reported
revenue to exclude the additional week of trading in FY22
accounting period. It also presents the revenue on a constant
currency basis utilising FY22 FX rates on FY23 reported
revenue.
PERFORMANCE ([1])
-- Greencore delivered a solid financial and operational
performance in Q3 FY23, underpinned by outstanding customer service
levels and the ongoing resilience of the categories in which it
operates.
-- Group reported revenue increased in Q3 FY23 by 1.9% to
GBP495.4m. On a Pro Forma basis revenue grew by 9.3% with the
increase driven by a combination of inflation recovery and
underlying volume growth, supported by the contribution from new
customer wins. Across the Group, manufactured volume growth in the
quarter was +0.9%.
-- Q3 FY23 reported revenue in food to go categories increased
by 0.6% to GBP335.3m with Pro Forma revenue growth of 8.1%. The
increase was primarily due to inflation recovery, in addition to
food to go manufactured volumes being 2.0% ahead of Q3 FY22.
Revenue from the distribution of third-party products was
approximately 1% ahead of the prior year due to higher volumes.
-- Q3 FY23 reported revenue in other convenience categories was
GBP160.1m, a 4.7% increase year-on-year. On a Pro Forma basis this
represented a 12.1% increase. The improvement was largely due to
inflation recovery, the on-boarding of new business wins in ready
meals coupled with a strong performance across ambient sauces.
Underlying ready meals volumes in the quarter were 2.6% lower net
of new business wins.
-- Cost inflation continues to be managed through ongoing
recovery and other mitigating actions, although the rate of
inflation in some areas is now beginning to slow.
-- Profit conversion and underlying free cash generation in Q3
FY23 were in line with management expectations and underpinned by
on-going operational and commercial initiatives.
OUTLOOK ([2])
-- The Group continues to expect to generate an FY23 outturn in
line with current market expectations. Q4 FY23 represents a
seasonally important period for Greencore and the Group anticipates
delivering year-on-year profit and cashflow progression in the
second half of the year.
-- In addition, the Group expects that FY23 Net Debt:EBITDA, as
measured under the financing agreements, will be within the range
of its medium term target of between 1.0x to 1.5x.
(2) Consensus FY23 market expectations of mean Adjusted
Operating Profit of GBP70.0m, mean Adjusted EPS of 7.8p, and mean
Net Debt (excluding lease liabilities) of GBP188.6m, as compiled by
Greencore from available analyst estimates on 14 July 2023 and as
reported in the Investor Relations section of the Group
website.
Commenting on the performance, Dalton Philips, Chief Executive
Officer, said:
"I am encouraged by the progress made during the third quarter
and that manufactured volume growth is continuing to support our
top line momentum. This clearly illustrates the underlying demand
for the categories in which we operate, as well as Greencore's
resilience in the current difficult consumer spending
environment.
The food to go category remains hugely relevant to consumers as
they contend with the cost-of living crisis, and it is particularly
notable that 52% of supermarket sandwiches are now bought as part
of a meal deal, up from 46% this time last year. We are delighted
that our core category is playing such a key role in feeding the
UK, and in a way that represents such good value.
As we enter the fourth quarter, which is a seasonally important
trading period for the business, we remain confident that the Group
will deliver a full year outturn in line with current market
expectations.
As outlined at the interim results in May, our priority in the
near-term is to rebuild profitability and returns to create a
platform on which to build for future growth".
Greencore will report its FY23 results for the year ending 29
September 2023 on 28 November 2023.
For further information, please contact:
Jonathan Solesbury Interim Chief Financial Tel: Tel: +353
Officer (0) 1 605 1000
Curtis Armstrong Head of FP&A Tel: +44 (0) 1246
384649
Rob Greening/ Nick Hayns/ Powerscourt Tel: +44 (0) 20
Sam Austrums 7250 1446
Billy Murphy/ Claire Rowley Drury Communications Tel: +353 (0)
1 260 5000
Forward--looking statements
Certain statements made in this document are, or may be deemed
to be, 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 based on
information currently available to the Group. The forward-looking
statements contained in this document include statements relating
to the financial condition, results of operations, business,
viability and future performance of the Group and certain of the
Group's plans and objectives. These forward-looking statements
include all statements that do not relate only to historical or
current facts and may generally, but not always, be identified by
the use of words such as 'will', 'aims', achieves', 'anticipates',
'continue', 'could', 'develop', 'should', 'expects', 'is expected
to', 'may', maintain', 'grow', 'estimates', 'ensure', 'believes',
'intends', 'projects', 'sustain', 'targets', or the negative
thereof, or similar future or conditional expressions, but their
absence does not mean that a statement is not forward-looking.
By their nature, forward-looking statements are prospective and
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. Investors should read 'Principal
Risks and Uncertainties' as set out in the Appendix to the Interim
Financial Report for the half-year ended 31 March 2023 issued on 30
May 2023 and also the discussion of risk in the Group's Annual
Report and Financial Statements for the year ended 30 September
2022 issued on 29 November 2022. There may be risks and
uncertainties that the Group is unable to predict at this time or
that the Group currently does not expect to have a material adverse
effect on its business. None of the Company or any of its
associates or Directors, officers or advisers provides any
representation, assurance or guarantee that the occurrence of the
events expressed or implied in any forward-looking statements in
this document will actually occur. You should not place undue
reliance on any forward-looking statements. These forward-looking
statements are made as of the date of this announcement. The Group
expressly disclaims any obligation to publicly update or review
these forward-looking statements, whether as a result of new
information, future events or otherwise, other than as required by
law.
About Greencore
We are a leading manufacturer of convenience food in the UK and
our purpose is to make every day taste better. We supply all of the
major supermarkets in the UK. We also supply convenience and travel
retail outlets, discounters, coffee shops, foodservice and other
retailers. We have strong market positions in a range of categories
including sandwiches, salads, sushi, chilled snacking, chilled
ready meals, chilled soups and sauces, chilled quiche, ambient
sauces and pickles, and frozen Yorkshire Puddings.
In FY22 we manufactured 795m sandwiches and other food to go
products, 127m chilled prepared meals, 249m bottles of cooking
sauces, pickles and condiments and 47m of chilled soups and sauces.
We carry out more than 10,600 direct to store deliveries each day.
We have 16 world-class manufacturing and 18 distribution centres in
the UK, with industry-leading technology and supply chain
capabilities. We generated revenues of GBP1.7bn in FY22 and employ
more than 14,000 people. We are headquartered in Dublin,
Ireland.
For further information go to www.greencore.com or follow
Greencore on social media
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END
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