Greencore Group PLC
06 February 2003
GREENCORE GROUP PLC
CONTACT: MS C M BERGIN TELEPHONE: +353 1 605 1004
FAX: +353 1 605 1104
ANNUAL GENERAL MEETING
CHAIRMAN'S SUPPLEMENTARY STATEMENT
At the Annual General Meeting of Greencore Group plc to be held today, the
Chairman, Tony Barry, will make the following statement:
The financial year ended in September 2002 was a watershed for Greencore. Our
new faster growing convenience food businesses were fully integrated into the
Group and the disposal programme was completed. As a consequence, our two
convenience food divisions now account for 70% of total Group activity.
In the new financial year, I am pleased to report that the Group has made a good
start.
The Chilled and Frozen division has started strongly, particularly in its two
largest categories, sandwiches and ready meals. The first phase of the
expansion of two of the Group's existing chilled ready meal facilities is
progressing on budget, with additional capacity scheduled to come on stream by
the middle of the year. The new chilled pizza facility at Deeside, whilst not
yet operating at required efficiency levels, continues to make progress, and the
Group's other remaining topped pizza facility will be closed and the volumes
transferred to Deeside by the end of March.
In the Ambient Grocery division, conditions in the UK private label bread market
remain challenging, whilst the other businesses are performing satisfactorily.
After a good first quarter, the cake and dessert business has won additional
trade which will deliver an improved performance for the full year.
In the Ingredients division, the Irish Sugar processing campaign produced
198,200 tonnes of sugar, which was 6,000 tonnes over the reduced quota of
192,200 tonnes. Lack of sugar beet availability due to poor weather was largely
offset by an excellent operational performance, culminating in a satisfactory
overall result.
Since the start of the financial year, two small operating facilities and one
mothballed facility in the UK have been seriously damaged by fire, for which
satisfactory insurance is in place. Insurance costs in the second half of the
year are likely to rise as a result of these incidents and substantial industry
wide insurance cost inflation.
Overall, the Group is well positioned to achieve further growth from continuing
operations in this financial year, whilst continued reduction in indebtedness
will lead to a substantial reduction in interest payments.
A. D. Barry,
Chairman.
C M BERGIN
GROUP COMPANY SECRETARY
GREENCORE GROUP PLC
ST STEPHEN'S GREEN HOUSE
EARLSFORT TCE
DUBLIN 2 6 February, 2003.
This information is provided by RNS
The company news service from the London Stock Exchange
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