5
February 2025
Greencore Group plc ('Greencore' or the 'Group'), a
leading manufacturer of convenience foods in the UK, is today
hosting a Capital Markets Day in London for analysts and
institutional investors.
At the event, our Chief Executive, Dalton Philips,
together with other members of the Group's leadership team, will
outline the refined strategic direction for the Group, presenting
on product innovation, automation, operational and commercial
excellence, and the ongoing investment in infrastructure and
process efficiency.
We will also set out a summary of the updated
Greencore investment proposition including the following
highlights:
· Robust
core business that provides a strong platform
o Growing convenience food market, with several tailwinds
o Leading positions in attractive categories
o Long-term strategic customer partnerships
o Outstanding innovation credentials
o Scale operations, with well invested sites
· Significant further upside in core business, through
commercial and operational excellence programmes
· Strong
balance sheet and cash generation
· Opportunity to meaningfully expand and grow into new areas,
including through M&A
· Strong
extended leadership team, with a track record of delivery
Greencore will outline new medium-term financial
targets, detailing how they have been determined and how they will
be delivered:
· >15% return on invested capital
· 3-5%
revenue growth
· >7%
adjusted operating profit
· >55% cash conversion
· 1-1.5x
leverage target (pre-IFRS Net Debt to Adjusted EBITDA)
For those unable to attend the in-person event, the
materials and a recording of the presentation will be available on
Greencore's website at www.greencore.com/investor-relations.
Current trading remains in line with that disclosed
in our 30 January 2025 trading update, and the Group continues to
expect to deliver a FY25 performance in line with current market
expectations[1]. The Group will not be
providing any new information on current trading at today's
event.
"We are excited to unveil Greencore's refined strategic
direction, which will build on the positive momentum from the past
two years. This Capital Markets Day is the Group's first since 2019
and during the event, we will provide details of our plan to
further strengthen our core business, outline how we intend to grow
and expand, including the role of M&A, and detail our approach
to capital allocation and delivering shareholder
returns.
As
part of this plan, we are establishing a set of ambitious
medium-term financial targets. We are confident in our ability to
deliver these targets and believe this plan will benefit not just
our shareholders but also our colleagues, customers and other
partners.
Greencore is a great business with a strong foundation,
lasting partnerships with customers, great food credentials,
excellence programmes that are delivering and outstanding people.
There is a real opportunity to drive significant, incremental value
in the coming years and we are looking forward to sharing our
vision and ambition for the future."
For further information, please contact:
Dalton Philips
|
Chief Executive Officer
|
Tel: +353
(0) 1 605 1000
|
Catherine Gubbins
|
Chief Financial Officer
|
Tel: +353
(0) 1 605 1000
|
Colm Farrell
|
Investor Relations Director
|
Tel: +353
(0) 1 605 1000
|
Jonathan Neilan
|
FTI
Consulting
|
Tel: +353
(0) 86 231 4135
|
Nick Hasell
|
FTI
Consulting
|
Tel: +44
(0) 203 727 1340
|
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. 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. 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. To help
us achieve this we have a model called The Greencore Way, which is
built on the differentiators of Lasting Partnerships, Great Food,
Delivery Excellence, Sustainable Choices and People at the Core -
The Greencore Way describes both who we are and how we will
succeed.
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, pickles and frozen
Yorkshire Puddings.
In FY24 we manufactured 748m sandwiches and other
food to go products, 125m chilled ready meals, and 204m bottles of
cooking sauces, dips and table sauces. We carry
out more than 10,500 direct to store deliveries each day. We have
16 world-class manufacturing sites and 17 distribution
centres in the UK, with industry-leading technology and supply
chain capabilities. We generated revenues of £1.8bn in FY24 and
employ c.13,300 people. We are headquartered in Dublin, Ireland.
For further information go to www.greencore.com or follow
Greencore on social media.
1 Market expectations as complied by
Greencore from available analyst estimates on 22 January
2025 (https://www.greencore.com/investor-relations/analyst-centre)