Greencore increases its 2014 full year dividend by 13.5%

DividendMax Ltd.

Greencore increases its 2014 full year dividend by 13.5%


Group revenue of £1,273.5m, up 6.4% (as reported) and up 7.4% on a like for like basis

Convenience Foods revenue of £1,213.4m, up 8.4% on a like for like1 basis

Group operating profit up 11.4% to £82.9m

Group operating margin of 6.5%, a 30 bps increase

Net exceptional charge of £11.4m, of which £8.3m relates to non-cash items

Growth in adjusted EPS of 13.6% to 15.9p

Proposed final dividend of 3.25 pence per share, giving a total dividend of 5.45 pence per share, up 13.5%

A reduction in net debt of £20.7m to £212.1m with net debt: EBITDA leverage comfortably below 2.0 times


Further build out of US food to go business with the acquisition of Lettieri's LLC ("Lettieri's"), investment in frozen production in Jacksonville, new site construction in Rhode Island and the announcement today of the development of our first West Coast facility

Major multi-year investment programme in Northampton food to go facility to facilitate new business win and meet market growth

Disposal of foodservice desserts business, Ministry of Cake

Companies mentioned