Our investment case

Why invest in Greencore?

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We have strong platforms to achieve our medium term financial ambitions.

Our vision is to be a fast-growing leader in UK convenience food.

The reasons to invest in Greencore are:

DEEP CUSTOMER RELATIONSHIPS WITH MANDATE TO DO MORE

Our business is about driving the strategies and growth of our customers. Our relevance, through multiple personal relationships across functions and levels, underpinned by a relentless focus on customer service and food safety, makes us a trusted partner in the food industry.

We are strategic partners, supporting customers throughout the supply chain and utilising our capabilities in innovation and consumer insight to drive growth and shared returns for both us and our customers.

  • #1

    Ranking in The Advantage Report of chilled convenience suppliers to major

  • 96%

    Of sandwich sales are from long term customer contracts of 3+ years

LEADERSHIP POSITIONS IN FOOD TO GO: THE UK'S MORE ATTRACTIVE FOOD CATEGORY

We lead in attractive and structurally-growing categories and formats in convenience food, particularly in food to go. Growth is driven by positive consumer and channel dynamics, underpinned by the structural drivers of convenience, health and wellness, and great value. The food to go category is also expanding to include new products, a broader set of consumer occasions, as well as new customer formats and delivery channels.

  • #1

    Market share in:

    Grocery sandwiches
    Grocery sushi
    Italian chilled ready meals

  • 5%

    Forecast Compound Annual Growth Rate (CAGR) in food to go market 20192024 (IGD, 2019)

NETWORK, CAPABILITY AND TEAMS SET UP FOR FUTURE GROWTH

Our well-invested, nationwide infrastructure of production facilities and distribution network reinforces the business model and provides us with capacity for growth. We invest carefully in industry-leading expertise, all underpinned by our Greencore Excellence programmes and increasing use of analytical and data technology solutions. Our highly experienced leadership team has wide-ranging food sector knowledge, and we prioritise people development and employee engagement.

  • c.£300m

    Network spend over last five years

  • 77%

    Employee engagement in the FY19 People at the Core survey

TRACK RECORD OF OUTPERFORMANCE WITH STRONG MARGIN AND RETURN PROFILE

Strong track record of disciplined organic and inorganic investment in the UK, delivering attractive returns while maintaining, relatively low levels of financial risk.

Structural growth, strong operational execution and our customer partnerships drive sustainable revenue and profit growth. Strong inherent free cash flow is achievable given our well-invested network, a clean organisational profile and careful cash flow management

MEDIUM TERM FINANCIAL AMBITIONS
  • Mid single digit organic revenue growth
  • High single digit Adjusted EPS growth
  • Half of Adjusted EBITDA converting to Free Cash Flow
  • Mid teen ROIC

The Business Model

Our primary business operates in the attractive and growing convenience foods sector in the UK.

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Market Review

Structural drivers of convenience, health and wellness and great food.

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Our Strategy

Our strategy helps define the direction of the Group. In FY19 we reset our strategy to refocus on the attractive and growing UK convenience food market.

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KPIs

The Group uses a set of key performance indicators to measure the performance of it operations and of the Group as a whole.

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