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Greencore baffled by share price weakness

24 August 2017 07:33

Greencore Group said its board had noted the recent weakness in the company's share price and was not aware of any developments since the release of its third quarter trading statement on 27 July that changed the outlook it contained.

It said that as outlined in that statement, the integration of the US business was on track and the group continued to be encouraged by the pipeline of commercial opportunities being explored with existing and new customers.

The group said it noted there had been some level of churn in the legacy retail part of the US business.

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

It said this change was being managed seamlessly with the relevant customers and the board anticipated that the impact on profitability would be minimal.

The group said it planned to issue its next trading update on the release of its full year results on 28 November.

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