Covid-19 Update

RNS Number : 8641W

Greencore Group PLC

21 August 2020

 

21 August 2020

Greencore Group plc

COVID-19 UPDATE

Greencore Group plc ("Greencore" or the "Group") a leading manufacturer of convenience foods in the UK,  confirms that, in consultation with the Department of Health & Social Care, Public Health England ("PHE") and other government bodies, it has taken the decision to temporarily cease production at its  Northampton facility from the end of today as a result of the ongoing COVID-19 outbreak in the Northampton area and at the site. This decision will allow all remaining colleagues at the site to self-isolate as a precautionary measure, and has been taken as part of the region's ongoing efforts to reduce the spread of the virus and to keep colleagues safe.

The Group has moved a proportion of the production from Northampton to other sites within the Greencore network, and is working with the affected customer to help mitigate any production shortfall.

Greencore has been in constant contact with PHE East Midlands, Northamptonshire County Council, Northampton Borough Council and other government bodies, who have been hugely understanding and supportive of the Group's response. The Group will continue to work closely with them in order to bring the site back safely into production as soon as possible, as colleagues who are self-isolating begin to return. 

The Group estimates that the temporary closure will only have a modest impact on Adjusted EBITDA in FY20, and currently anticipates that the site will return to a substantial level of production within 14 days.

The health and wellbeing of Greencore's colleagues remains the Group's number one priority.

For further information, please contact:

Patrick Coveney	Chief Executive Officer	Tel: [phone]
Emma Hynes	Chief Financial Officer	Tel: [phone]
Jack Gorman	Head of Investor Relations	Tel: [phone]

About Greencore

Greencore is a leading manufacturer of convenience food in the UK. It supplies grocery and other retailers including all of the major UK supermarkets. The Group has 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.

The Group's medium term financial ambitions are for mid single-digit organic revenue growth, high single-digit Adjusted EPS growth, the conversion of half of its Adjusted EBITDA to Free Cash Flow and for mid-teen ROIC.

For further information go to www.greencore.com or follow Greencore on social media.

 

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