Interim Management Statement (4606Z)
2011年1月14日 - 4:00PM
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RNS Number : 4606Z
Greencore Group PLC
14 January 2011
GREENCORE GROUP PLC - INTERIM MANAGEMENT STATEMENT
14 January 2011
Greencore Group plc ('Greencore' or the 'Group'), today issues
the following Interim Management Statement in accordance with the
reporting requirements of the Transparency Regulations, 2007.
Trading Performance
Convenience Foods division
Following on from a strong performance in FY10, the underlying
performance of our Convenience Foods division has remained good in
the first three months of FY11, being the period ended 24 December
2010. The division recorded continuing* business revenue of
EUR208.7m in the period, an increase of 7.6% on the comparable
period in FY10 (an increase of 3.0% on a constant currency basis)
despite severe adverse weather in the UK in December.
In particular, the operating performance in our two key
categories of Food to Go and Prepared Meals remained strong with a
continuation of the favourable underlying market trends seen in
FY10. Value remains a key consumer theme and the Group's portfolio
meets this need. As expected, ingredient and packaging inflation is
more pronounced than in FY10; the Group is effectively managing
this through a combination of selling price increases and cost
reduction initiatives. Our US business traded in line with our
expectations in the quarter as we completed the re-fit of the
Newburyport facility and acquired a fresh sandwich business, On a
Roll Inc. (announced on 7 December, 2010).
Ingredients & Property division
Following the disposal of our Malt business in FY10, we expect
the contribution from the Ingredients & Property division to
represent a much more modest part of the overall Group result. On a
continuing basis*, trading in the three months ended 24 December
2010 was down on the same period last year, principally due to the
timing of small property disposals.
Financial Position
The Group has a strong balance sheet and is well capitalised to
meet the operational and development needs of the business. As
previously outlined, the Group's interest expense is expected to be
significantly lower in FY11, reflecting the full year impact of
prior year disposals and the related debt restructuring.
Outlook
While we are at an early point in our financial year, assuming
an average EUR/GBP exchange rate in FY11 in the range of 0.85 to
0.88 and based on our expectation of continued strong performance
in Convenience Foods, the Board continues to expect to deliver
strong growth on a continuing basis in FY11.
Next Trading Announcement
The next update on Greencore trading is expected to be issued
alongside the issue of the prospectus relating to the Merger with
Northern Foods Plc.
Merger with Northern Foods Plc
The board of Greencore continues to believe that the recommended
all share merger of Greencore and Northern Foods to form Essenta
Foods (the 'Merger'), announced on 17 November 2010, represents a
compelling opportunity for value creation for both Greencore and
Northern Foods shareholders, through the creation of a business
with real scale in the industry and substantial synergies.
In common with the board of Northern Foods Plc, the board of
Greencore continues unanimously to recommend shareholders to vote
in favour of the Merger at the shareholder meeting on 31 January
2011.
*Continuing business comparisons exclude operations disposed of
in FY10 (Water and the Continental business in the Convenience
Foods division and Malt in the Ingredients & Property
division).
For Further Information, Please Contact:
Imelda Hurley
Chief Financial Officer +353 1 605 1018
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Eoin Tonge
Group Development Director +353 1 605 1018
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Billy Murphy or Anne Marie Curran
Drury Communications +353 1 260 5000
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Rob Greening or Lisa Kavanagh
Powerscourt +44 20 7250 1446
----------------------------------- -----------------
Greencore Group
-- A leading international producer of convenience food with
operations in the UK and the US
-- Strong market positions in the UK convenience food market
across sandwiches, chilled
-- prepared meals, chilled sauces and soups, ambient sauces
& pickles, cakes & desserts and Yorkshire puddings
-- Extending presence outside the UK with an emerging
convenience foods business in the US
This information is provided by RNS
The company news service from the London Stock Exchange
END
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