Greencore Group (CDI) (GNC)

Sector:

Food

Index:

FTSE Small Cap

119.30p
   
  • Change Today:
      1.90p
  • 52 Week High: 120.40
  • 52 Week Low: 68.75
  • Currency: UK Pounds
  • Shares Issued: 468.03m
  • Volume: 1,380,908
  • Market Cap: £558.36m
  • RiskGrade: 233

Greencore FY seen at lower end of expectations after 'soft' start to year

By Michele Maatouk

Date: Thursday 26 Jan 2023

LONDON (ShareCast) - (Sharecast News) - Convenience food producer Greencore warned on Thursday that full-year results will be at the lower end of current market expectations following a "soft" start to the year, with volumes hit by industrial action.
In an update for the 13 weeks to 30 December, the company said profit conversion was behind management expectations due to lower volumes and a lag in recovery of inflation over the calendar year end.

"To mitigate this shortfall, we are immediately implementing further measures through Better Greencore, accelerating, and broadening the scope of the programme," it said, the first phase of which is targeted to deliver annual recurring benefits of about £30m in FY24.

Greencore said first-quarter group reported revenue rose 19% year-on-year to £463m, driven by inflationary effects, with overall manufactured volumes modestly behind year-on-year.

Chief executive Dalton Philips said: "It's a difficult, volatile market, and the business has got off to a slower start to the year than envisaged. Given this, we are doubling down on our initiatives on inflation recovery, and in parallel, driving harder and faster to get our cost base to the right level."

The company, which makes pre-packed sandwiches, noted that while some raw materials and packaging inflation is easing, labour cost and energy inflation remains relatively high.

"The board is cognisant of the short term potential impact of the volatile recessionary environment and the cost-of-living factors on consumer spending throughout the remainder of the year," it said.

"Given the lower-than-expected volumes due to the disruptive impact of continued industrial action on demand and operations and the expected lag on inflation recovery the group now expects to generate an FY23 outturn at the lower end of current market expectations."

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

GNC Market Data

Currency UK Pounds
Share Price 119.30p
Change Today 1.90p
% Change 1.62 %
52 Week High 120.40
52 Week Low 68.75
Volume 1,380,908
Shares Issued 468.03m
Market Cap £558.36m
RiskGrade 233

GNC Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
79.37% below the market average79.37% below the market average79.37% below the market average79.37% below the market average79.37% below the market average
76% below the sector average76% below the sector average76% below the sector average76% below the sector average76% below the sector average
Price Trend
23.66% below the market average23.66% below the market average23.66% below the market average23.66% below the market average23.66% below the market average
78.57% above the sector average78.57% above the sector average78.57% above the sector average78.57% above the sector average78.57% above the sector average
Income
42.5% below the market average42.5% below the market average42.5% below the market average42.5% below the market average42.5% below the market average
28.57% below the sector average28.57% below the sector average28.57% below the sector average28.57% below the sector average28.57% below the sector average
Growth
2.2% below the market average2.2% below the market average2.2% below the market average2.2% below the market average2.2% below the market average
20.00% above the sector average20.00% above the sector average20.00% above the sector average20.00% above the sector average20.00% above the sector average

What The Brokers Say

Strong Buy 1
Buy 2
Neutral 6
Sell 0
Strong Sell 0
Total 9
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

GNC Dividends

  Latest Previous
  Final Interim
Ex-Div 02-Jan-20 30-May-19
Paid 28-Feb-20 03-Jul-19
Amount 3.75p 2.45p

Trades for 28-Mar-2024

Time Volume / Share Price
16:40 116,392 @ 119.35p
16:35 448,612 @ 119.30p
16:35 2,863 @ 119.30p
16:35 1,062 @ 119.30p
16:35 1,613 @ 119.30p

GNC Key Personnel

CEO Dalton Philips

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