Q1 Highlights1,2
Consistent focus on the Group's three priorities - keeping our people safe, feeding the
Group revenue down 15.0% in Q1, impacted by the reduction in mobility arising from tiered restrictions and lockdowns in the
Positive Adjusted Operating Profit and Adjusted EBITDA for the quarter
Continued to execute well against growth opportunities and secured additional new business during the quarter
Liquidity and balance sheet strengthened through revised debt financing agreements and a successful equity placing raising gross proceeds of
Latest lockdown significantly impacting demand in food to go categories, though not as marked as the initial lockdown in
Continued near term trading uncertainty however, the Group is well positioned to build back the business rapidly as trading conditions recover
The Group's reported revenue in Q1 was
In the Group's food to go categories, reported revenue was
Reported revenue in the Group's other convenience food categories was
During the quarter the Group continued to focus on cost and cash flow mitigants to protect the business, including the renewed use of furlough supports, pay freezes, elimination of discretionary spending, and a reduction in planned capital expenditures. These initiatives supported the delivery of positive Adjusted Operating Profit and Adjusted EBITDA in Q1.
The Group's liquidity and balance sheet was also strengthened in Q1. The Group secured revised debt financing facilities and amendments on near term covenant conditions, raised gross proceeds of
Outlook1,2
A further national lockdown was introduced on
The free trade agreement negotiated between the EU and the
The ongoing uncertainty regarding the duration and impact of COVID-19 on the Group's trading environment, and in particular on demand in its food to go categories, continues to make it difficult to predict FY21 performance. In this context, the Group's financial guidance remains suspended.
Commenting on the performance,
'This has been another challenging period for
We secured a number of new business wins in the quarter and have a healthy commercial pipeline as we look forward. In addition, the operational, debt and equity measures that we have taken in recent months provide us with a strong foundation from which to navigate our way through all of the challenges of COVID-19. We are confident that we have the capability and resources to build back the business rapidly as soon as market conditions allow, and we are optimistic about the medium-term prospects for
Conference Call
A conference call for investors and analysts will be held at
For further information, please contact:
Patrick Coveney Chief Executive Officer Tel: +353 (0) 1 486 3313
Emma Hynes Chief Financial Officer Tel: +353 (0) 1 486 3307
Jack Gorman Head of Investor Relations Tel: +353 (0) 1 486 3308
Rob Greening orSam Austrums Powerscourt Tel: +44 (0) 20 7250 1446
Billy Murphy or Louise WalshDrury Communications Tel: +353 (0) 1 260 5000
1 Pro forma references throughout this statement are on a constant currency basis. Reported revenue in Q1 21 and Q1 20 is adjusted to exclude the sale of the Group's molasses businesses that was completed in Q1 21
2 Current performance based on trading week to
See more at: https://www.greencore.com/greencore-group-plc-q1-fy21-trading-statement/
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