Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Greencore Group plc    GNC   IE0003864109

GREENCORE GROUP PLC

(GNC)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

Food companies urge Britain to adopt tougher rules to protect tropical forests

10/04/2020 | 10:21pm EST
FILE PHOTO: A mini tractor grabber collects palm oil fruits at a plantation in Pulau Carey

LONDON (Reuters) - Supermarkets, food manufacturers and restaurant chains under pressure from campaigners over their environmental impact urged Britain on Monday to strengthen a plan to stop tropical forests from being cut down to grow cocoa, palm oil and soy.

With the food industry under growing scrutiny for its role in driving deforestation in countries such as Brazil and Indonesia, Britain is drawing up legislation to force the sector to tighten oversight of its supply chains.

In an open letter, some 20 large companies welcomed the plans as a "step forward" but said "it's not currently envisioned to be enough to halt deforestation and we encourage the government to go further to ... address this issue."

Signatories included supermarkets Tesco, Marks & Spencer, Morrison's and Sainsbury's, food manufacturers Unilever, Nestle and Greencore Group, McDonald's Corp and various livestock producers.

Britain's move to introduce legal penalties for companies found to be complicit in deforestation aims to improve upon a range of voluntary, industry-led initiatives that have faced widespread criticism from environmental groups.

Companies say they would prefer clear direction from governments that would create standard rules rather than navigating the existing maze of voluntary intiatives.

Under the proposed legislation, large companies would have to report on how they source tropical commodities. The companies would also be banned from using products that are harvested illegally in their country of origin.

But the supermarkets and food companies who signed the letter say the proposed new law has a major loophole: farmers in developing countries can often clear forests to grow cash crops for export without breaking any laws.

The companies want the new British rules to apply to all deforestation - not just in cases where the destruction is illegal.

"The proposed legislation would continue to allow rampant deforestation in hotspots such as Indonesia and Brazil," said Robin Willoughby, UK director of campaign group Mighty Earth.

Companies are also concerned that the legislation would not apply to smaller firms who may import considerable amounts of products, such as rubber, from sensitive forest regions.

Cyril Kormos, executive director of Wild Heritage, a nonprofit based in Berkeley, California, said a more comprehensive overhaul of forest management rules globally would be needed to reverse the loss of old-growth forests, whose stores of carbon form bastions to slow climate change.    

"Deforestation pledges only go so far," Kormos said. "We need an equivalent focus on ending degradation of primary forests."

(Reporting by Matthew Green; editing by Jane Wardell)

By Matthew Green


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
GREENCORE GROUP PLC 2.81% 157.2 Delayed Quote.34.94%
J SAINSBURY PLC 0.00% 222.9 Delayed Quote.-1.15%
MARKS & SPENCER GROUP PLC 0.37% 149 Delayed Quote.9.32%
NESTLÉ S.A. 1.59% 98.5 Delayed Quote.-5.52%
TESCO PLC -0.77% 219.4 Delayed Quote.-5.23%
WM MORRISON SUPERMARKETS PLC 0.96% 172.9 Delayed Quote.-2.51%
All news about GREENCORE GROUP PLC
02/24GREENCORE  : HSBC Lifts Greencore To Buy From Hold, Boosts Price Target
MT
01/27GREENCORE  : Q1 FY21 Trading Statement; A resilient Q1 performance in challengin..
AQ
01/27GREENCORE  : Jefferies Lifts Greencore To Buy From Hold, Boosts Price Target
MT
01/26GREENCORE  : Fiscal Q1 Revenue Plunges 15% on COVID-19 Lockdowns
MT
01/19GREENCORE  : Q1 Trading Update 26 January 2021 - Conference Call Details
AQ
2020GREENCORE  : 2021 Notice of AGM and Notice of EGM
AQ
2020GREENCORE  : Completes Molasses Trading Units' Stake Sale
MT
2020GREENCORE  : Supporting Local Food Banks in Crosby
AQ
2020GREENCORE  : Announces Its FY20 Results
AQ
2020GREENCORE  : HSBC Downgrades Greencore To Hold From Buy, Slashes PT
MT
More news
Financials
Sales 2021 1 289 M 1 789 M 1 789 M
Net income 2021 22,4 M 31,1 M 31,1 M
Net Debt 2021 268 M 372 M 372 M
P/E ratio 2021 30,3x
Yield 2021 0,99%
Capitalization 825 M 1 154 M 1 145 M
EV / Sales 2021 0,85x
EV / Sales 2022 0,77x
Nbr of Employees 12 200
Free-Float 98,9%
Chart GREENCORE GROUP PLC
Duration : Period :
Greencore Group plc Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends GREENCORE GROUP PLC
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 144,38 GBX
Last Close Price 157,20 GBX
Spread / Highest target 8,14%
Spread / Average Target -8,16%
Spread / Lowest Target -33,2%
EPS Revisions
Managers and Directors
NameTitle
Patrick Francis Coveney Chief Executive Officer & Executive Director
Emma Hynes Chief Financial Officer & Executive Director
Paul Gary Kennedy Chairman
Tracy Costello Chief Information Officer
Martin Ford Technical Director
Sector and Competitors
1st jan.Capitalization (M$)
GREENCORE GROUP PLC34.94%1 154
NESTLÉ S.A.-5.52%300 051
MONDELEZ INTERNATIONAL, INC.-7.71%76 198
THE KRAFT HEINZ COMPANY7.36%45 514
DANONE S.A4.43%43 907
GENERAL MILLS, INC.-6.65%33 806