Mincon Group Plc — Capital/Financing Update 2020

Jul 16, 2020

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author: "Jack Gorman"
date: 2020-07-16 08:31:00+00:00
processor: python-docx+mammoth
status: success

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16 July 2020

Greencore Group plc

Financing Update

Greencore Group plc ("Greencore" or “the Group”), a leading manufacturer of convenience foods in the UK, confirms that, as referred to in the FY20 Interim Results Statement released on 19 May 2020, it has secured formal agreement with its Private Placement Note Holders to waive its Net Debt: EBITDA covenant condition for the September 2020 and March 2021 test periods.

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

About Greencore

Greencore is a leading manufacturer of convenience food in the UK. It supplies grocery and other retailers including all of the major UK supermarkets. The Group has strong market positions in a range of categories including sandwiches, salads, sushi, chilled snacking, chilled ready meals, chilled soups and sauces, chilled quiche, ambient sauces and pickles, and frozen Yorkshire Puddings.

The Group's medium term financial ambitions are for mid single-digit organic revenue growth, high single-digit Adjusted EPS growth, the conversion of half of its Adjusted EBITDA to Free Cash Flow and for mid-teen ROIC.

For further information go to www.greencore.com or follow Greencore on social media.