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Greencore Says Trading Broadly In Line With Original Expectations

Published on Mar 19 2020 4:20 PM in A-Brands tagged: Featured Post / Trending Posts / COVID-19

Greencore Says Trading Broadly In Line With Original Expectations

Greencore Group has said that trading for the first five months of the year has been 'broadly in line with expectations', as the business steps up its efforts to meet increased demand due to the coronavirus.

Since the emergence of COVID-19, the group said that it has implemented an extensive range of measures to keep colleagues safe.

“We have three priorities as we lead our Group through the COVID-19 pandemic – keeping our colleagues safe, feeding the UK and protecting our business," said Patrick Coveney, chief executive officer.

"The health and safety of our colleagues, customers and business partners is paramount."

The convenience foods firm said that since the start of the outbreak, its supply chain and production network have remained 'fully operational', as it seeks to maintain a 'robust' product schedule.

It added that it is 'too early' to predict the impact that the COVID-19 outbreak will have on its full-year financial results.

'Robust Food System'

'While much is changing across UK society in response to the pandemic, it is apparent that the maintenance of a robust food system – at a manufacturing, distribution and grocery store level – will be an increasingly critical part of the national infrastructure, particularly as footfall reduces in foodservice and hospitality formats,' the company said in a statement.

"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,” Coveney added.

'Currently, from a demand perspective, group volumes are holding up well, albeit there is a pronounced change in mix across different parts of the product portfolio and across customers’ store formats.'

It said that its cash generation has proceeded broadly in line with plans, and that the group retains 'substantial financial headroom', with 'significant access to cash and undrawn committed debt facilities and with no maturities in any facilities in the next 18 months'.

Greencore will report its FY20 interim results on 19 May.

© 2020 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click sign-up to subscribe to Checkout.

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