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Interim Results

Greencore revenues up 46.1%

23 May 2017 07:38

Group revenues at Greencore - a leading manufacturer of convenience food in the UK and US - rose by 46.1% to £1,010.3m in the 26 weeks to the end of March.

Group EBITDA rose by 31.2% to £79.1m and group operating profit incfreased by 27.1% to £55.3m.

Operating margins fell to 5.5%, down 80 bps as anticipated, due largely to the impact of significant commercial launches in the UK.

Other highlights:

- Adjusted earnings up 13.2% to £37.8m, driven by higher operating profit partially offset by increases in both the group's financing charge and overall tax rate

- Adjusted EPS down 6.0% to 6.3 pence, with adjusted earnings growth offset by an increased number of shares as a result of the rights issue relating to the acquisition of Peacock Foods

- Net debt increased to £556.6m, largely reflecting the acquisition of Peacock Foods with net debt:EBITDA leverage as measured under financing agreements of 2.7 times. Debt maturities extended (weighted average maturity of 4.9 years)

- Interim dividend of 2.10 pence per share, representing a pay-out of 39.2% of adjusted earnings

Chief executive Patrick Coveney said: "This has been a transformational period for Greencore following the acquisition and integration of Peacock Foods in the US.

"Against a backdrop of considerable change across the Group, we are pleased to be reporting strong revenue and profit growth for the first half of the year.

"In the UK, we have delivered significant expansion and investment following recent new long-term business wins, as our Food to Go business continues to grow rapidly.

"In the US, the addition of Peacock Foods has transformed our market and channel position and has given us a growth platform of real scale.

"The enhanced capabilities, product offerings, and customer relationships that have been added to the Group in a short space of time, combined with the strength of our underlying business, mean that we are confident of making further progress in FY17 and beyond."

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