Greencore Group: H1/2015 interim management statement

Dublin / IR. (gg) Greencore Group PLC, a leading international convenience food producer, issued its interim results for the 26 weeks ended 27 March (H1/2015). Financial highlights:

  • Group revenue of 639.8 million GBP, up 3.2 percent (as reported) and up 3.9 percent on a like for like1 basis
  • Convenience Foods revenue of 614.7 million GBP, up 4.9 percent on a like for like1 basis
  • Group operating profit up 7.8 percent to 40.1 million GBP
  • Group operating margin of 6.3 percent, a 30 bps increase
  • Adjusted EPS up 8.6 percent to 7.6 Pence
  • Interim dividend of 2.4 Pence per share, an increase of 9.1 percent versus H1/2014
  • Replacement of the Group´s primary bank facility with a five year 300 million GBP Revolving Credit Facility extending the weighted average maturity of debt to 4.5 years

Strategic Developments

  • Significant planned increase in capital investment to support customer business wins
  • Phase 1 extension of Northampton facility successfully completed and second phase well underway
  • Roll out of new product range from extended Jacksonville facility in the US
  • New build in Rhode Island completed to plan in late March and now shipping product to key customers

Commenting on the results, Patrick Coveney, Chief Executive Officer, said: «The Group delivered good financial and strategic progress in the first half of the year. Our strategy of deepening our leadership, capability, capacity footprint and customer partnerships in the UK and US food to go markets continues to deliver growth, with like for like revenue in that part of our business up 8.7 percent. The Group has stepped up its capital investment programme in new sites, which will provide a solid platform for growth in the months and years ahead. We carry good momentum into the second half and remain confident in our ability to deliver adjusted EPS growth for the year in line with market expectations».