Business Irish

Tuesday 24 April 2018

Greencore 'unaware' of any developments that change its outlook

Patrick Coveney, CEO of Greencore
Patrick Coveney, CEO of Greencore
Ellie Donnelly

Ellie Donnelly

The Board of Greencore has issued a statement to the Irish Stock Exchange noting the recent weakness in its share price.

In the statement the group said that it is not aware of any developments since the release of its third quarter trading statement on 27 July that changes the outlook contained in that Statement.

On 27 July the company’s share price was 232.00 pence on the London Stock Exchange following the release of its three month trading statement, which showed that the company reported an 11.8pc rise in revenue to £636.5m (€713m) for the three months period.

This morning shares are currently trading at 205.00 pence.

Read more: Greencore revenue boosted by new US sales

Commenting today the group said that the integration of its US business is on track and that the company continues to be "encouraged by the pipeline of commercial opportunities being explored" with its existing and new customers.

Greencore went on to say that it noted that there has been what it described as "some level of churn" in the legacy retail part of the US business.

Specifically, Greencore has decided to refocus its Jacksonville, Florida site on fresh product offerings and will withdraw from current frozen product production on that site.

Greencore said that this change is "being managed seamlessly with the relevant customers and the Board anticipates that the impact on profitability will be minimal".

It is expected that the company will issue its next trading update on the release of its full year results on 28 November.

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