Greencore Group Plc · LSE:GNC
Greencore — Shareholder Meeting (January 2024)
13 slides from Greencore's shareholder meeting presentation, Jan 25, 2024
Slide 1: Annual General Meeting
ANNUAL GENERAL MEETING 25 January 2024
Slide 2: Introduction
Introduction Dalton Philips, CEO GREENCORE GROUP PLC | ANNUAL GENERAL MEETING 2024 2
Slide 3: Our business is strong
Our business is strong No. 1 in…. Own-label Sandwiches ambient cooking sauces Italian ready Own-label meals sushi Leading UK convenience Strong market positions in Deep and long-term food manufacturer attractive categories partnerships with customers Strong new product Well invested Strong balance s
Slide 4: Three horizon framework for recovery and growth
Three horizon framework for recovery and growth Stabilise Rebuild Grow Horizon 1 – FY23 Horizon 2 – FY24-26 Horizon 3 – FY24-28 We have A focus on Grow the stabilised the rebuilding business with business in FY23, returns to disciplined with a clear improve capital allocation framework to profitabil
Slide 5: In FY23, we focused on Horizon 1
In FY23, we focused on Horizon 1 Product and customer portfolio management Recovery / mitigation of > £200m inflation Operating Operational efficiency (service levels averaging 98.5%) Profit Tight cost control Building a high performing team GREENCORE GROUP PLC | ANNUAL GENERAL MEETING 2024 5
Slide 6: Strong financial performance in FY23
Strong financial performance in FY23 Pro Forma Revenue Growth(1) Adjusted Operating Profit 13.5% £76.3M Reported Revenue Growth 10.0% +5.7% vs FY22 Adjusted EPS Free Cash Flow 9.3P £56.8M +0.1p vs FY22 -£1.9m v FY22 ND:EBITDA(1) ROIC 1.2X 8.9% +0.3x vs FY22 +50bps vs FY22 (1) Pro Forma Revenue Growt
Slide 7: We outperformed the market
We outperformed the market Volume growth 52 weeks to 1 October 2023 Market Greencore 3.5% 0.5% -0.7% Greencore Greencore -2.7% Food to go Group sandwiches, market (manufactured) wraps and rolls Grocery market GREENCORE GROUP PLC | ANNUAL GENERAL MEETING 2024 Source: Kantar, IRI (Circana), IGD 7
Slide 8: Our focus now is Horizon 2
Our focus now is Horizon 2 Stabilise Rebuild Grow Horizon 1 – FY23 Horizon 2 – FY24-26 Horizon 3 – FY24-28 We have A focus on Grow the stabilised the rebuilding business with business in FY23, returns to disciplined with a clear improve capital allocation framework to profitability and further rebui
Slide 9: Seven key areas to rebuild profitability and returns
Seven key areas to rebuild profitability and returns 1 2 3 Portfolio Commercial Excellence Operational Excellence 4 5 6 7 Cost Effectiveness Tech-enabled Processes Sustainability People at the Core GREENCORE GROUP PLC | ANNUAL GENERAL MEETING 2024 9
Slide 10: What success looks like for Horizon 2
What success looks like for Horizon 2 More targeted, more cash generative – enabling strategic flexibility Leaner, more efficient platform New opportunities developed in partnership with our customers Prioritisation of internal investment to support growth GREENCORE GROUP PLC | ANNUAL GENERAL MEETIN
Slide 11: In parallel, we are examining growth in our core and beyond
In parallel, we are examining growth in our core and beyond Stabilise Rebuild Grow Horizon 1 – FY23 Horizon 2 – FY24-26 Horizon 3 – FY24-28 We have A focus on Grow the stabilised the rebuilding business with business in FY23, returns to disciplined with a clear improve capital allocation framework t
Slide 12: Summary
Summary 1 Encouraged by FY23 – especially H2 2 Exited FY23 with a more stable business and strong platform for growth 3 Stable and engaged team 4 Focused initiatives to rebuild profitability 5 Solid start to FY24 – achieved 0.5% manufactured volume growth in Q1 FY24 6 Expect FY24 in line with curren
Slide 13: Thank you
Greencore” THANK YOU Making every day beer