Greencore Group Says Trading In Line With Expectations, Steps Up Production
Convenience foods manufacturer Greencore Group has said that trading for the first five months of the year has been 'broadly in line with expectations', as the business steps up its efforts to meet increased demand due to the coronavirus.
The company said that since the start of the outbreak, its supply chain and production network have remained 'fully operational', as it seeks to maintain a 'robust' product schedule.
It added that it is 'too early' to predict the impact that the COVID-19 outbreak will have on its full-year financial results.
'Robust Food System'
'While much is changing across UK society in response to the pandemic, it is apparent that the maintenance of a robust food system – at a manufacturing, distribution and grocery store level – will be an increasingly critical part of the national infrastructure, particularly as footfall reduces in foodservice and hospitality formats,' the company said in a statement.
'Currently, from a demand perspective, group volumes are holding up well, albeit there is a pronounced change in mix across different parts of the product portfolio and across customers’ store formats.'
It said that its cash generation has proceeded broadly in line with plans, and that the group retains 'substantial financial headroom', with 'significant access to cash and undrawn committed debt facilities and with no maturities in any facilities in the next 18 months'.
Greencore will report its FY20 interim results on 19 May.
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