GREENCORE GROUP PLC
INTERIM RESULTS
Strong revenue performance led by Food to Go
17 May 2016
Greencore Group plc, a leading international convenience food business, today issues its interim results for the 26 weeks ended 25 March 2016.
FINANCIAL HIGHLIGHTS
- Group revenue of £691.6m, up 8.1% as reported and up 7.5% on a constant currency basis
- Convenience Foods revenue of £667.9m, up 7.8% in constant currency
- Group operating profit1 up 8.5% to £43.5m
- Group operating margin1 of 6.3%, unchanged from the prior year
- Adjusted EPS2 up 7.9% to 8.2p
- Interim dividend of 2.55 pence per share, an increase of 6.25% versus H1 15
STRATEGIC DEVELOPMENTS
- Continued strong momentum across UK and US food to go activity with like for like revenue growth of 12.7%, well ahead of market performance
- Phase two of the Northampton expansion completed on time with commissioning now under way. Phase three also progressing to plan
- Rhode Island site fully operational and Seattle build on track for initial production in June
- Strong pipeline of future growth opportunities
SUMMARY FINANCIAL PERFORMANCE
| H1 16 | H1 15 | Change | Change | |
| £m | £m | (as reported) | (constant currency) | |
| Group revenue | 691.6 | 639.8 | +8.1% | +7.5% |
| Group operating profit1 | 43.5 | 40.1 | +8.5% | |
| Group operating margin1 | 6.3% | 6.3% | unchanged | |
| Adjusted PBT2 | 36.5 | 33.4 | +9.3% | |
| Adjusted EPS (pence)2 | 8.2 | 7.6 | +7.9% | |
| Interim dividend per share (pence) | 2.55 | 2.4 | +6.25% | |
| Net debt | 316.0 | 291.4 | +£24.6m | |
| Convenience Foods Division | ||||
| Revenue | 667.9 | 614.7 | +8.7% | +7.8% |
| Operating profit1 | 42.9 | 39.3 | +9.2% | |
| Operating margin1 | 6.4% | 6.4% | unchanged |
Commenting on the results, Patrick Coveney, Chief Executive Officer, said:
“Greencore has performed strongly in the first half of the year. Our strategy of focusing on the UK and US food to go markets is working well and we are continuing to invest in capacity and capability initiatives to support the substantial future growth pipeline. We are confident of further progress in the months and years ahead.”
For the full report and presentation click here.
