Results 

Exceptionals wipe out Greencore's profits

Exceptionals wipe out Greencore's profits

It was a year of exceptional costs for Greencore (GNC). The biggest chunk of these one-offs was £29.7m of software impairments after management decided not to go ahead with the planned roll out of an "enterprise resource planning" platform across the UK. In second place was £16.5m of exit costs related to the phasing out of manufacturing at Greencore’s desserts facility in Evercreech, Somerset. Add in some transaction and reorganisational costs, and the total exceptional items bill was £78.2m, which hammered earnings (see table).

To continue reading, subscribe today

and enjoy unlimited access to the following:

  • Tips of the Week
  • Funds coverage
  • Weekly features on big investment themes
  • Trading ideas
  • Comprehensive companies coverage
  • Economic analysis
Subscribe
Subscribe to Investors Chronicle

Subscribe today

Full access for just £3.37 a week:

• Tips and recommendations - to beat the market 
• Portfolio clinic & Mr Bearbull - build a well-planned portfolio 
• Expert tools - track and manage investments effortlessly
• Plus free delivery to your home or office

Subscribe Now