Greencore Group PLC
LSE:GNC

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Greencore Group PLC
LSE:GNC
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Price: 244 GBX -1.41%
Market Cap: 1.1B GBX

Greencore Group PLC
Investor Relations

Greencore Group PLC, a stalwart in the UK and Irish food manufacturing sector, was founded in 1991 from the privatization of Irish Sugar. Since its inception, it has transformed from a sugar company into one of the leading convenience food producers in the industry. Its primary operations involve crafting ready-to-eat and ready-to-cook meals, sandwiches, salads, and snacks, serving a myriad of retail and food service clients. The company’s headquarters in Dublin belie its extensive reach and deep integration into the fabric of the UK food retail landscape, with a keen focus on fresh, chilled products that cater to the modern consumer's demand for convenience without sacrificing quality.

What truly distinguishes Greencore in its business model is its focus on embedding within its customers' supply chains, enabling close collaborations that shepherd it from the production line directly to supermarket shelves. This integrated approach ensures that Greencore remains agile, responsive, and closely aligned with market needs. With key contracts supplying major grocery retailers and convenience chains, the company generates revenue through long-term agreements that promise stability. Additionally, their dedication to product innovation and commitment to sustainability bolsters their market reputation and solidifies customer loyalty, allowing Greencore to thrive in a competitive and fast-evolving sector.

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Last Earnings Call
Fiscal Period
Q1 2022
Call Date
Jan 27, 2022
AI Summary
Q1 2022

Revenue Growth: Greencore reported Q1 revenue of GBP 389 million, up 24.4% versus last year and now above pre-COVID levels, driven by strong food to go growth and new business wins.

Food to Go Momentum: Food to go revenue rose 34.9% to GBP 254.3 million, running about 6% above 2019 pre-pandemic levels, with new business contributing strongly.

Inflation Recovery: Management is making good progress in passing through higher input costs and labor inflation, with confidence in full recovery during FY '22.

Labor & Supply Chain: Labor shortages and supply chain disruptions remain challenging, but are being managed locally and mitigated with automation and incentives.

Guidance Maintained: The company remains comfortable with market expectations for FY '22, assuming no major new COVID restrictions.

Strategic Initiatives: Strategic capex plans and efficiency programs are on track, and a new share ownership scheme has been rolled out to all employees.

Profitability Outlook: Profit weighting remains towards the second half; margin recovery to pre-COVID levels targeted over a multiyear period.

Key Financials
Revenue
GBP 389 million
Food to Go Revenue
GBP 254.3 million
Other Convenience Categories Revenue
GBP 134.7 million
Pro forma Revenue Growth
26.4%
Capital Expenditure for Strategic Program
GBP 30 million
Debt Weighted Average Maturity
3.4 years
Share Ownership Scheme
GBP 250 worth of shares to each of 12,000 employees
Earnings Call Recording
Other Earnings Calls

Management

Mr. Dalton T. Philips B.A., M.B.A.
CEO & Executive Director
No Bio Available
Ms. Catherine Gubbins
CFO & Executive Director
No Bio Available
Mr. Lee Finney
Chief Operating Officer
No Bio Available
Mr. Damien Moynagh BCL
Group General Counsel & Company Secretary
No Bio Available
Michael Evans
Group Communications Director
No Bio Available
Mr. Guy Dullage
Chief People Officer
No Bio Available
Andy Parton
Chief Commercial Officer
No Bio Available
Daniel Holmes
Group IT Director
No Bio Available
Mr. Nigel Smith
Chief Strategy & Transformation Officer
No Bio Available
Andy Wright
Head of Sustainability
No Bio Available

Contacts

Address
DUBLIN
Santry
Northwood Business Park, No. 2 Northwood Avenue
Contacts
+35316051000.0
www.greencore.ie