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Greencore FY Profit Rises

Greencore Group Plc. (GNC.L) reported that its profit attributable to equity shareholders for the year ending 28 September 2018 rose to 33.8 million pounds from 12.2 million pounds last year. Earnings per share was 4.8 pence up from 1.9 pence in the previous year.

Profit before taxation grew to 17.8 million pounds from 15.8 million pounds in the prior year.

Adjusted earnings were 105.9 million pounds in the period, 5.4% ahead of the prior year. Adjusted earnings per share for total operations of 15.1 pence was 1.9% behind fiscal year 2017 which reflects the impact of an increased number of shares in issue as a result of the rights issue in December 2016.

Reported revenue from continuing operations increased by 4.2% to 1.498 billion pounds. Pro Forma revenue growth was 8.7%. Adjusted Operating Profit rose by 1.7% to 104.6 million pounds, with Adjusted Operating Margin down 20bps to 7.0%.

The Group completed the disposal of its entire US business on 25 November 2018. The results of this business have been included as discontinued operations in the Group Financial Statements in fiscal year 2018 and the comparatives for fiscal year 2017 have been re-presented on the same basis.

The Board of Directors recommended a final dividend of 3.37 pence per share. This will result in a total dividend for the year of 5.57 pence per share. The total dividend represents a pay-out amount of approximately 37% of Adjusted Earnings.

The Group anticipates continued underlying revenue growth in its key convenience food categories.

Over the medium term, the Group expects that its market positioning, capability set, customer profile, well invested asset network and proven economic model will generate strong growth, cash generation and returns.

Following the sale of its US business, Greencore is committed to the prompt and efficient return of 509 million pounds of the transaction proceeds to shareholders.

The Group intends to implement the Capital Return via a tender offer to all shareholders for up to 509 million pounds. To the extent the full Capital Return is not effected through the Tender Offer, the Group intends to return any remaining proceeds shortly thereafter, anticipated to be by way of a special dividend.

The Capital Return is expected to be completed during the second quarter of fiscal year 2019.

Greencore Group plc said that Non-Executive Directors Mr. Thomas Sampson and Ambassador Kevin O'Malley will retire from the Board following the conclusion of the Company's Annual General Meeting scheduled to take place on 29 January 2019.

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