Response to Share Price Movement

RNS Number : 8363O

Greencore Group PLC

23 August 2017

 

GREENCORE GROUP PLC

RESPONSE TO RECENT SHARE PRICE MOVEMENT

24 August 2017

The Board of Greencore Group plc ("Greencore" or the "Group") notes the recent weakness in its share price. The Group is not aware of any developments since the release of its third quarter trading statement ("Statement") on July 27 that changes the outlook contained in that Statement.

As outlined in that Statement, the integration of our US business is on track and we continue to be encouraged by the pipeline of commercial opportunities being explored with existing and new customers.

The Group notes there has been some level of churn in the legacy retail part of the US business. Specifically, it has decided to refocus its Jacksonville, Florida site on fresh product offerings and will withdraw from current frozen product production on that site. This change is being managed seamlessly with the relevant customers and the Board anticipates that the impact on profitability will be minimal. 

The Group plans to issue its next trading update on the release of its full year results on November 28.

For further information, please contact:

Eoin Tonge                                         Chief Financial Officer                  Tel: [phone]

Jack Gorman                                     Head of Investor Relations           Tel: [phone]

Lisa Kavanagh or Nick Brown     Powerscourt                                       Tel: [phone]

NOTES TO EDITORS

Greencore is a leading international producer of convenience foods with extensive operations in the UK and the US. Headquartered in Dublin, it employs 16,000 people in 31 manufacturing facilities across the UK and the US. On average, it manufactures around 1.5 billion sandwiches and 140 million ready meals every year.

In the UK, it has strong market positions across sandwiches and other food to go products as well as complementary positions in other convenience food categories, including chilled prepared meals, chilled soups and sauces, ambient sauces and pickles, cakes and desserts and Yorkshire Puddings. It is a supplier of own-label products to all of the major UK supermarkets, and has world-class manufacturing sites with industry-leading technology and supply chain capabilities.

Following its acquisition of Peacock Foods in December 2016, Greencore is now a leading manufacturer of consumer packaged goods for many of the largest food brands in the US. The Group also produces chilled and frozen food to go products for convenience retail and food service leaders in the US.

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

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.

 

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