10th Feb 2005 09:11
Greencore Group PLC10 February 2005 GREENCORE GROUP PLC ANNUAL GENERAL MEETING CHAIRMAN'S SUPPLEMENTARY STATEMENT At the Annual General Meeting of Greencore Group plc to be held today, theChairman, Ned Sullivan, will make the following statement: 2004 was another year of good progress for Greencore. Profit before tax grew by8% and adjusted earnings per share grew by 6%. This growth was achieved inspite of a time lag in recovering an unusually high level of raw material costincreases in the convenience food categories, which reduced profitability bysome €5 million. Net debt at the end of September 2004 was €387 million, €43 million below thelevel of September 2003, and €49 million lower when the impact of currencytranslation is excluded. During the year, the Group continued to sharpen itsfocus on its convenience food activities with the disposal of its loss-makingbread business, Rathbones, and its interest in its sugar distribution associate,James Budgett. The most notable event in the 2005 financial year to date has been the Group'sdecision last month to consolidate all sugar production at its Mallow site and,therefore, to close the Carlow manufacturing facility next month. This was aparticularly difficult and painful decision, but, nonetheless, an unavoidableone due to the significantly increased competition and impending regime reformwhich Irish Sugar is facing. The consolidation is essential to secure thesurvival of the Irish sugar processing and, as a consequence, beet growingindustries for the benefit of all involved. Trading in the year to date has been satisfactory. The quality of the Group'smarket leading positions, coupled with the ongoing growth in its conveniencefood categories, a relentless focus on its cost base and the strong cashgenerative nature of its portfolio have offset the challenging market conditionswhich many of the Group's businesses are facing. Looking forward, the Boardanticipates that 2005 will be another successful year for Greencore and isconfident about the future prospects of the Group. E.F. SullivanChairman 10 February 2005 CONTACT: Patrick Kennedy, Chief Financial Officer - Tel: +353 1 605 1003 (Up to 3pm on 10 February 2005 - Tel: +353 87 225 3480) Billy Murphy/Trish Morrissey, Drury Communications - Tel: +353 1 260 5000 Mark Garraway/Kate Pope, College Hill - Tel: +44 207 457 2020 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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