Greencore Group plc ('Greencore' or the 'Group'), a leading manufacturer of convenience food in the UK, today issues its interim results for the 26 weeks ending 27 March 2020 and updates on its response to the COVID-19 pandemic.

HIGHLIGHTS 1,2,3

Comprehensive and rapid response to COVID-19 by keeping our people safe, feeding the UK, and protecting our business with focus now turning to building back Greencore volumes as social restriction measures are eased

Reported revenue growth of 1.6% and Pro Forma Revenue Growth of 0.1%, impacted by effect of COVID-19 on food to go categories at the end of the period

Adjusted Operating Profit of GBP38.3m and Adjusted EPS of 5.8 pence

Net Debt (excluding lease liabilities) of GBP311.1m at 27 March 2020 with Net Debt: EBITDA of 2.1x as measured under financing agreements

Total cash and undrawn committed facilities of GBP267.5m at 27 March 2020 with covenant waivers agreed for bank facilities; in addition, confirmation of eligibility, in principle, to access funding under the Covid Commercial Finance Facility (CCFF)

As announced on 30 March 2020, the Group will not be proceeding with an interim FY20 dividend payment and today announces that it will not be proceeding with either a final FY20 or an interim FY21 dividend payment

Appointment of Emma Hynes as Executive Director and Chief Financial Officer with effect from 19 May 2020

SUMMARY FINANCIAL PERFORMANCE 1,2,3

				H1 20 	H1 19 	Change
				GBPm 	GBPm 	
Group Revenue 		712.7 	701.4 	+1.6%
Pro Forma Revenue Growth 	 	 	+0.1%
Adjusted EBITDA 		63.8 	62.5 	+2.1%
Adjusted Operating Profit 	38.3 	44.7 	-14.3%
Adjusted Operating Margin 	5.4% 	6.4% 	-100 bps
Group Operating Profit 	35.6 	41.3 	-13.8%
Adjusted Profit Before Tax 	31.1 	37.7 	-17.5%
Group Profit Before Tax 	27.3 	5.7 	+378.9%
Adjusted EPS (pence) 		5.8 	6.4 	-9.4%
Group Exceptional Items (after tax) 	0.4 	28.8 	
Basic EPS (pence) 		5.3 	10.5 	-49.5%
Interim dividend per share (pence) 	- 	2.45 	
Free Cash Flow 	2.6 	(19.4) 	+GBP22.0m
Net Debt 		374.4 	284.1 	
Net Debt (excluding lease liabilities) 	311.1 	284.1 	
Net Debt:EBITDA as per financing agreements 	2.1x 	1.9x 	
Return on Invested Capital ('ROIC') 	12.3% 	14.6% 	-230bps

Commenting on the results, Patrick Coveney, Chief Executive Officer, said:

'I am hugely proud of the way in which our people have responded to the extraordinary challenges of COVID-19, and take this opportunity to publicly thank them for their role in keeping the UK fed over the last two months. We have implemented a broad range of actions to mitigate the impact of COVID-19 on our business and to position us for growth as the pandemic eases. More than ever before, our deep customer relationships, leadership positions in key food categories, well invested network, flexible model, and outstanding people are key strengths that ensure we trade our way resiliently through this uncertain period'

See details at: https://www.greencore.com/greencore-group-plc-results-for-the-half-year-ended-27-march-2020/

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