Greencore Group PLC Interim Management Statement (5287K)
2013年7月31日 - 3:00PM
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RNS Number : 5287K
Greencore Group PLC
31 July 2013
31 July 2013
Greencore Group plc - Interim Management Statement
On track to deliver adjusted EPS in line with expectations
Greencore Group plc ("the Group") today issues its interim
management statement for the period to 31 July 2013. Trading
information relates to the 13 weeks to 28 June 2013 ("Quarter 3" or
"Q3") and the 39 weeks to 28 June 2013.
Quarter 3 Trading
Trading during the quarter was in line with our expectations.
The Group recorded revenue of GBP305.8m in the 13 weeks to 28 June
2013, an increase of 2.6% on the prior year.
Convenience Foods
The Convenience Foods division recorded revenue of GBP285.7m,
2.8% higher than the prior year. The revenue growth reflects both
the contribution from acquisitions but also the impact of business
exited, notably in the former Uniq chilled desserts activities.
In the UK, revenue was 1.3% lower than the prior year on a
like-for-like basis (that is excluding both the acquisition of the
International Cuisine business acquired in August 2012 and the Uniq
desserts activities which were exited or sold).
Market conditions in the UK remained tough during Q3 with
continued poor weather affecting the business for much of the
period. Whilst the overall chilled ready meals market is gradually
recovering from the impact of the horsemeat scandal earlier in the
year, Italian ready meals remained in year-on-year decline
affecting the Prepared Meals division. We have continued to focus
on delivery of operating efficiencies and maintained tight cost
controls across the UK business to mitigate these impacts.
In the US, revenues were more than 50% higher than in the prior
year period. This growth reflects the impact of the acquisitions of
MarketFare Foods and Schau, both of which are performing well,
together with the commencement of food to go supply to Starbucks.
This supply agreement is now fully live across the four sites
envisaged.
Ingredients and Property
The Ingredients and Property division, which represented 6% of
Group revenues in FY12, recorded revenues of GBP20.1m in Q3, in
line with the prior year in reported currency and 3.6% lower on a
constant currency basis. The molasses business continued to perform
very strongly aided by poor weather.
Year to Date trading
In the 39 weeks to 28 June 2013, the Group recorded revenue of
GBP878.7m, 1.5% ahead of the prior year. The Convenience Foods
division recorded revenue of GBP827.8m year to date, 2.1% higher
than the prior year.
Financial Position
The Group continues to operate with good headroom within
existing debt facilities and remains focused on further
de-leveraging throughout FY13.
Outlook
UK market conditions remained tough throughout the third quarter
and the recovery in the ready meals market remained subdued. Whilst
recent UK macro-economic data has been more positive and the
weather has been more favourable, we still expect conditions to
remain challenging. However, the Group is strategically well
positioned with a balanced customer portfolio and exposure to
faster growing convenience categories. With the tight operating and
financial controls we have in place, we remain confident in our
ability to deliver growth in adjusted earnings per share for the
financial year in line with expectations.
Conference Call
A conference call for investors and analysts will be held at
8.30am BST today. Dial in details are below and a replay facility
will be available afterwards at www.greencore.com.
Conference Call Details:
Ireland: +353 1 486 0921
UK/International: + 44 20 3427 1916
Access code: 7009568
For further information:
Alan Williams Chief Financial Tel: + 353 1 605
Officer 1045
-------------------- ---------------- ------------------
Rob Greening / Lisa Powerscourt Tel: + 44 207 250
Kavanagh 1446
-------------------- ---------------- ------------------
NOTES TO EDITORS
1) Greencore:
-- A leading manufacturer of convenience food in the UK and the US
-- Strong market positions in the UK convenience food market
across food to go, chilled prepared meals, chilled soups and
sauces, ambient sauces & pickles, cakes & desserts and
Yorkshire puddings
-- A fast growing food to go business in the US, serving both
the convenience and small store channel and the grocery channel
2) This announcement is based on information sourced from unaudited management accounts.
3) This announcement contains certain forward looking statements
with respect to the financial conditions, results of operations and
businesses of the Group. These statements involve risk and
uncertainty because they relate to events and depend upon
circumstances that will occur in the future. There are a number of
factors that could cause actual results or developments to differ
materially from those expressed or implied by these forward looking
statements. Nothing in this announcement should be construed as a
profit forecast.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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