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Greencore Group (GNC)

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Greencore interims up in 'challenging' UK market

21 May 19

LONDON (ShareCast) - (Sharecast News) - Convenience food maker Greencore on Tuesday reported a 17% rise in interim adjusted pre-tax profit as it faced a "challenging" UK market with a strong performance by its food-to-go business offset by a softer ready meals market.
Greencore said its adjusted pre-tax profits rose to 37.7m from 32.2m on the back of a 4.6% fall in group revenue to 701.4m. Adjusted operating profit rose by 0.9% to 44.9m.

The interim dividend was increased 11.4% to 2.45p a share.

The company last November sold its US operation to Heartside Foods for $1.075bn (846m), making it more dependent on the UK for earnings.

"While recognising that trading conditions in the wider UK grocery sector remain challenging, the growth outlook for our business continues to be encouraging, underpinned by favourable consumer trends and ongoing investment by our customer," said chief executive Patrick Coveney.

"As a result, we believe that our market positioning, capability set, customer relationships, well invested asset network and proven economic model will deliver strong future growth, cash generation and returns."

The company booked a 25.4m exceptional charge as it restructured its debt and financial derivatives portfolio "to reflect the removal of US dollar assets from the business and also refinance its primary sterling bank debt agreements" in the wake of the US deal.

Greencore added that it had appointed Peter Haden, previously head of the UK division, as its chief operating officer.

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Market Data

Currency UK Pounds
Price 251.00p
Change Today -0.90p
52 Week High 281.80p
52 Week Low 193.45p
Volume 1,562,473
Shares Issued 446.12m
Market Cap 1,119.77m


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  Final Interim
Ex-Div 02-Jan-20 30-May-19
Paid 28-Feb-20 03-Jul-19
Amount 3.75p 2.45p