
NEWSFLOW
Greencore (#GNC) – Q4 pro forma revenue improved from -36% in Q3 but still -19%
- 2020-10-05 07:31:16
Hello, Share Pickers. If you are one of those investors who still believe that the Brexit mess will have a nasty effect on share prices, the company I look at today may not appeal to you very much. I - and several speakers at the Global Group UK Investor Show - though don’t think Brexit will make much difference in the longer run...
I cannot really call it the luck of the Irish but sandwich supremo Greencore (GNC) seems to have got itself out of a potential hole with the announcement today that it is selling its entire US business to a US buyer for just under $1.1 billion. It calls it 'an immediate realisation of value' but given it spent £750 million two years ago to beef up an existing but undeveloped prior US position, this does not represent some hugely remunerative return...more a way to cut down its debt problem…