TIDMGNC
RNS Number : 7098E
Greencore Group PLC
10 May 2017
GREENCORE GROUP PLC
NOTIFICATION OF REPORTING CHANGES
10 May 2017
Greencore Group plc ("Greencore" or the "Group"), a leading
manufacturer of convenience food in the UK and US, announces a
change to its reporting structure as well as the restatement of its
historic earnings per share and dividend per share.
Change in reporting structure of Operating Segments
Following the acquisition of Peacock Foods in the US, which
completed on 30 December 2016, Greencore has simplified its
reporting structure. The Group will now have two separate reporting
segments:
1. Convenience Foods UK & Ireland: incorporating Food to Go
(i.e. sandwiches, sushi and salads), and other UK & Ireland
businesses including Prepared Meals (i.e. ready meals, quiche,
soups and sauces), the Grocery set of businesses (i.e. cooking
sauces, Yorkshire Puddings, cakes and desserts) and the edible oils
and molasses trading businesses (formerly known as the Ingredients
& Property Division)
2. Convenience Foods US: incorporating Greencore's existing US
business and the acquired Peacock Foods business (i.e. a wide range
of fresh, frozen and ambient convenience food products - including
sandwiches, meal kits and salads kits - and a customer base
including CPG companies as well as convenience retail and food
service leaders)
The following table sets out the revenue and Group operating
profit (before exceptional items and amortisation of acquisition
related intangible assets) for both the half year ended 25 March
2016 and the full year ended 30 September 2016 as reported and as
restated under the revised reporting segments:
As Reported Restated
---------------- ----------------
Full Half Full Half
Year Year Year Year
2016 2016 2016 2016
GBPm GBPm GBPm GBPm
Revenue
Convenience Foods 1,435.2 667.9
Ingredients & Property 46.7 23.7
Convenience Foods UK
& Ireland 1,258.8 590.4
Convenience Foods US 223.1 101.2
-------- ------ -------- ------
Total 1,481.9 691.6 1,481.9 691.6
-------- ------ -------- ------
Group Operating Profit
before exceptional items
and amortisation of
acquisition related
intangible assets
Convenience Foods 100.0 42.9
Ingredients & Property 2.0 0.6
Convenience Foods UK
& Ireland 104.1 46.7
Convenience Foods US (2.1) (3.2)
-------- ------ -------- ------
Total 102.0 43.5 102.0 43.5
-------- ------ -------- ------
Earnings per Share Restatement
The Group completed a rights issue during December 2016, the
purpose of which was to fund the acquisition of Peacock Foods,
which completed on 30 December 2016. Following the completion of a
rights issue, the Group is required to restate historic earnings
per share to reflect the bonus element of the rights issue. The
weighted average number of shares for both the half year ended 25
March 2016 and the full year ended 30 September 2016 have been
restated below to incorporate the bonus share element of the rights
issue. In addition, Basic Earnings per Share, Adjusted Basic
Earnings per Share, Diluted Earnings per Share and Adjusted Diluted
Earnings per Share have been restated to reflect the revised
weighted average number of shares in issue.
Revised Basic Earnings per share, Adjusted Basic Earnings per
Share, Diluted Earnings per Share and Adjusted Diluted Earnings per
Share figures:
As Reported Restated
-------------- --------------
Full Half Full Half
Year Year Year Year
2016 2016 2016 2016
Earnings per Ordinary
Share (pence)
Basic earnings
per Ordinary Share 11.6 4.9 9.5 4.0
Adjusted earnings
per Ordinary Share 19.5 8.2 16.0 6.7
Diluted earnings per
Ordinary Share 11.4 4.8 9.4 4.0
Adjusted diluted earnings
per Ordinary Share 19.2 8.1 15.8 6.6
Denominator for the Basic Earnings per share, Adjusted Basic
Earnings per Share, Diluted Earnings per Share and Adjusted Diluted
Earnings per Share calculation:
As Reported Restated
---------------------- ------------------
Full Half Full Half
Year Year Year Year
2016 2016 2016 2016
Weighted average number of ordinary
shares in issue during the period
- for basic and adjusted EPS 409,256 408,202 497,878 496,596
Weighted average number of ordinary
shares in issue during the period
- for diluted basic and adjusted
diluted basic EPS 414,584 413,656 504,360 503,231
Dividend per Share Restatement
The Group completed a rights issue during December 2016, the
purpose of which was to fund the acquisition of Peacock Foods,
which completed on 30 December 2016. For comparative purpose, the
Group is restating historic dividend per share, to reflect the
bonus element of the rights issue, for the Interim, Final and Total
dividend for the year ended 30 September 2016.
Revised Dividend per Share figures:
Dividend per Ordinary
Share (pence)
As reported Restated
---------------- ---------
Interim dividend for the
year ended 30 September
2016 2.55 2.10
Final dividend for the
year ended 30 September
2016 4.10 3.37
Total dividend for the
year ended 30 September
2016 6.65 5.47
For further information, please contact:
Patrick Coveney Chief Executive Tel: +353 (0)
Officer 1 605 1045
Eoin Tonge Chief Financial Tel: +353 (0)
Officer 1 605 1029
Rob Greening or Nick Powerscourt Tel: +44 (0)
Brown 20 7250 1446
About Greencore
Greencore is a leading international producer of convenience
foods with extensive operations in the UK and the US. Headquartered
in Dublin, it employs 16,000 people in 30 manufacturing facilities
across the UK and the US. On average, it manufactures around 1.5
billion sandwiches and 140 million ready meals every year.
In the UK, it has strong market positions across sandwiches and
other food to go products as well as complementary positions in
other convenience food categories, including chilled prepared
meals, chilled soups and sauces, ambient sauces & pickles,
cakes & desserts and Yorkshire Puddings. It is a supplier of
own-label products to all of the major UK supermarkets, and has
world-class manufacturing sites with industry-leading technology
and supply chain capabilities.
Following its acquisition of Peacock Foods in in 2016, Greencore
is now a leading manufacturer of consumer packaged goods for many
of the largest food brands in the US. Greencore also produces
chilled and frozen food to go products for convenience retail and
food service leaders in the US.
For more information go to www.greencore.com or follow Greencore
on social media.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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