Greencore says new lockdown not as bad as last March but revenues drop 20%
The current coronavirus restrictions are significantly impacting demand in food to go categories
Company
Greencore Group PLC
LON:GNC
Greencore Group plc is a leading international manufacturer of convenience foods and ingredients. We have manufacturing sites in four countries of the European Union as well as the US; and employ some 10,000 people.
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Greencore raises £90mln after swinging to full-year loss
The cash will be used to manage debt levels, avoid other cost-cutting measures and potentially make new acquisitions
Greencore estimates full-year revenue to drop 14%
The Northampton site has fully resumed production after a COVID-19 outbreak in August
Greencore factory hit by Northampton coronavirus outbreak
“We can confirm that a number of colleagues have tested positive for the virus and are now self-isolating”
Greencore sells molasses business to shore up balance sheet as quarterly sales slide
Revenue dropped 34% in the quarter to June 26, 2020, but the firm sees “encouraging” improvement of demand in food-to-go categories for the rest of the year
Greencore sees sales tumble though cooking sauces hit the spot
Greencore said it has returned to modestly positive underlying profits (EBITDA) after cost-saving measures
Greencore downgraded to ‘hold’ by Jefferies over longer period of uncertainty
Analysts expect deeper troubles than initially expected after sandwich sales through grocers tanked by 60% instead of 30% as forecast
Greencore says food production facilities “fully operational” amid coronavirus
“We are closely monitoring all aspects of our business and are confident that we have the team, customer partnerships and protocols in place to maintain food supply through this uncertain period”
Greencore puts fork in US business as "reset" continues
“Over the past twelve months we have fundamentally reset our business”, said the group's chief executive, having recently acquired UK salads-to-go business Freshtime
Greencore adds new targets to the menu
The company has been on track in reducing its debt and is looking to expand customer reach
Ready meals maker Greencore gobbles up Freshtime
Greencore expects the acquisition to be neutral to earnings in the 2019 fiscal year and “modestly accretive” in 2020.
Investments and investor services
FTSE 100 closes higher as trade tensions ease
The UK's premier shares index closed up around ten points at 7,320
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Severn Trent to kick off water sector updates on Tuesday; retailers also in focus
The Day Ahead will bring trading updates from the likes of stores groups Halfords, Topps Tiles, and WH Smith
Jefferies resumes coverage of Greencore at a ‘buy’
The renewed coverage followed a period of restriction as a result of a recent tender offer which completed at the end of January
Greencore reiterates upbeat 2019 outlook after food-to-go boosts Q1 revenues
In an update for the 13 weeks to 28 December, the FTSE 250 food group reported revenues from continuing operations of £363.5mln, up 5.8% on a pro forma basis
Investments and investor services
FTSE 100 closes higher; British American Tobacco lights up
The UK's blue-chip benchmark finished over 86 points higher at 6,833, while FTSE 250 closed nearly 168 points higher
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Royal Mail update expected to delivery another decline; second Brexit parliamentary vote key
Aside from the Royal Mail update, investors will also have an eye on news from Hargreaves Lansdown, Crest Nicholson and Domino's Pizza
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Quality and quantity on the company news front, but Brexit vote, Fed rates, US jobs to be key
The cream of the corporate updates will likely come from blue-chips BT Group, Royal Mail, Royal Dutch Shell, Unilever and Diageo
Greencore reports full year earnings rise amid offload of US business but cautions on Brexit
The FTSE 250-food group said continuing operations adjusted underlying earnings came in at £140mln for the year, up 1.7% on 2017 while revenues rose 4.2% to £1.5bn
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Ferguson and Greencore among highlights in Tuesday’s diary
The US economic outlook, the order book and restructuring will all be among the key points as Ferguson updates investors.