TIDMGNC
RNS Number : 4796P
Greencore Group PLC
10 October 2023
10 October 2023
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No 596/2014 (as it
forms part of Retained EU Law as defined in the European Union
(Withdrawal) Act 2018).
Full Year and Q4 Trading Update for the Year ended 29 September
2023
Adjusted Operating Profit anticipated to be ahead of current
market expectations([2])
Greencore Group plc ('Greencore' or the 'Group'), a leading
manufacturer of convenience foods in the UK, today issues a trading
update for Q4 and the full year ended 29 September 2023, ahead of
the publication of its full year results on 28 November 2023.
Revenue Growth (versus FY22)
Q4 FY23
------------------------ ------------------------
Reported Pro Forma(1) Reported Pro Forma(1)
--------- ------------- --------- -------------
Group 2% 4% 10% 13%
--------- ------------- --------- -------------
Food to go categories 3% 3% 8% 10%
--------- ------------- --------- -------------
Other convenience
categories (1%) 6% 14% 22%
--------- ------------- --------- -------------
(1) Pro Forma Revenue Growth (versus FY22) adjusts reported
revenue to exclude the additional week of trading in the FY22
accounting period. It also adjusts reported revenue in FY22 and
FY23 to reflect the disposal of Trilby Trading Limited.
FY23 Overview
Group pro-forma revenue was 4% up year on year in Q4, with FY23
Group pro-forma revenue growth of 13%.
For FY23 the Group anticipates Adjusted Operating profit will be
ahead of current market expectations([2]) and in a range of
approximately GBP74m-GBP76m.
Net Debt (excluding lease liabilities) is estimated to be
approximately GBP155m (FY22: GBP180m) at year end, after
approximately GBP36m capital expenditure and completion of a
further share buyback. Net Debt:EBITDA, as measured under financing
agreements, will be within the Group's medium term target range of
1.0x - 1.5x.
In total, GBP35m has been returned to shareholders to date since
the Group announced a recommencement of a value return to
shareholders in May 2022. It is intended that a further GBP15m will
be returned to shareholders in due course in the form of an
additional share buyback programme and as part of the wider
commitment to return GBP50m to shareholders by May 2024.
Further to the announcement on 28 July 2023, the sale of Trilby
Trading Limited was completed on 29 September 2023 post the
approval of relevant anti-trust authorities and customary closing
conditions.
(2) Consensus FY23 market expectations of mean Adjusted
Operating Profit of GBP70.1m, as compiled by Greencore from
available analyst estimates on 09 October 2023 and as reported in
the Investor Relations section of the Group website.
Dalton Philips, Chief Executive Officer, said:
"The Greencore team has delivered a strong second half
performance in what was a difficult seasonal comparative period and
against the backdrop of inflation and a challenging consumer
environment. We continue to drive operational improvements across
the business underpinned by our commitment to quality and customer
service. While macro-economic uncertainty remains, we are pleased
with the expected FY23 outcome and are committed to driving an
improved financial performance in the period ahead."
The person responsible for making this announcement is Jonathan
Solesbury, Interim Chief Financial Officer.
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: +353 (0) 1 605
Officer 1000
Curtis Armstrong Director of FP&A Tel: +44 (0) 1246
David Marshall and IR 384649
Head of Capital Markets Tel: +353 (0) 1 605
1000
Jonathan Neilan / Nick Hasell FTI Consulting Tel: +353 (0) 86
231 4135
Tel: +44 (0) 203
727 1340
FTI_Greencore@fticonsulting.com
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.
Financial information relating to Greencore Group plc in this
announcement are not statutory financial statements within the
meaning of Section 340 of the Companies Act 2014 of Ireland and
have been published for the purposes of updating investors on
financial performance for the periods referenced in this
announcement. The statutory financial statements for the year ended
29 September 2023 have not been prepared or reported on by the
statutory auditors. The annual results of Greencore for FY23 will
be published on 28 November 2023.
Certain statements made in this announcement 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 announcement. The Group
expressly disclaims any obligation to publicly update or review
these forward-looking statements other than as required by law.
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END
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