Greencore Group plc (‘Greencore’ or the ‘Group’), a leading manufacturer of convenience food in the UK, today hosts a Capital Markets Day in London and issues a pre-close statement for the year ending 27 September 2019.
Capital Markets Day
Greencore is today holding a Capital Markets Day in London for institutional investors and analysts. The event will be hosted by CEO Patrick Coveney and other members of the senior management team.
A series of presentations will illustrate Greencore’s strategy, capabilities and economic model, and will outline the Group’s investment case. In addition, the Group will introduce the following medium term financial ambitions:
- Mid single-digit organic revenue growth;
- High single-digit Adjusted EPS growth;
- Convert half of its Adjusted EBITDA to Free Cash Flow;
- Mid-teen ROIC.
A brief update will also be provided regarding the adoption of IFRS16 Leases for the financial year ending 25 September 2020.
The presentations will be available on the Group’s website (https://www.greencore.com/investor-relations/results-centre/) at 8.30am today. An audio recording of the presentations will also be available in the near term.
Pre-Close Statement
For the full year the Group anticipates Adjusted EPS will be in line with market expectations of approximately 16.0p1. Pro forma revenue growth improved throughout Q4, despite subdued trading conditions in the early part of the quarter and a strong comparative period year on year. In addition, the Group anticipates that FY19 Net Debt:EBITDA, as measured under financing agreements and following the recent acquisition of Freshtime, will be towards the upper end of its medium term target range of between 1.5x to 2.0x.
