LONDON (ShareCast) - (Sharecast News) - Convenience food manufacturer Greencore said on Thursday that it expects full-year net debt to be towards the upper end of its medium-term target range following the recent acquisition of Freshtime.
In a pre-close statement for the year to 27 September, Greencore said net debt would be at the top end of its 1.5-2.0x underlying earnings guidance as a result of the addition of the food-to-go salads supplier to the group earlier in the month.

The FTSE 250 company also said pro forma revenue growth had improved during the fourth quarter, despite subdued trading conditions early on and a strong comparative period.

For the full year, Greencore anticipates that adjusted earnings per share will be in line with market expectations of approximately 16p.

Chief executive Patrick Coveney will host a Capital Markets Day in London where he will introduce the following medium-term financial ambitions: mid-single-digit organic revenue growth, high single-digit adjusted earnings per share growth, mid-teen return on invested capital and the conversion of half of Greencore's adjusted EBITDA into free cash flow.

As of 0820 BST, Greencore shares were down 0.58% at 224.30p.

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