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GREENCORE GROUP PLC Preliminary Statement of Results for the Year Ended September 26, 2008.

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DUBLIN, Ireland, Nov. 25 /PRNewswire/ -- GREENCORE GROUP PLC ("Greencore" or the "Group"), a leading international food and malt producer, today issues the following preliminary statement of results for the year ended September 26, 2008.



HIGHLIGHTS Financial -- Sales growth of 3.2% to euro 1.31 billion, growth of 13.3% on a constant currency basis -- Operating profit(1) decrease of 4.5% to euro 77.3 million, representing 5.5% growth on a constant currency basis. Impact of currency on operating profit was euro 8.1 million -- Adjusted EPS(2) decrease of 7.7% to 24.1 cent, representing a 1.2% increase on a constant currency basis -- Well financed balance sheet -- An 11.6% reduction in comparable net debt year on year to euro 283.4 million -- Committed bank facilities of euro 586 million (with maturity dates between May 2010 and October 2015) -- Final dividend of 8.21 cent per share (FY07: 8.21 cent) resulting in a total dividend for the year of 13.51 cent per share (FY07: 13.26 cent) Business -- Solid performance in Convenience Foods division (excluding Mineral Water ("Water")) -- Increase in sales(3) by 8.3% -- Strong performance in recovering input price inflation -- Constant currency operating profit decreased by 1.3% -- Water cost concealment issue fully resolved -- Financial impact consistent with announcement of June 2008 -- Completion of wider Group financial risk and control review without issue -- New Group control process implemented -- Excellent performance in Ingredients & Related Property division -- 24.0% increase in sales, or 29.9% on a constant currency basis -- 16.9% increase in operating profit, or 25.9% on a constant currency basis -- Significant progress on development agenda -- Initial US Convenience Foods platform, Home Made Brand Foods Inc. ("HMBF"), acquired in April 2008 -- The securing of a ten year US licence with Weight Watchers across five chilled prepared food categories -- The UK's No.1 foodservice desserts business, Ministry of Cake, acquired in December 2007 -- Successful resolution of EU Sugar restructuring aid process with final instalment of euro 83.4 million received in February 2008 Commenting on the results, Patrick Coveney, Group Chief Executive said:

'These results represent a resilient response to a challenging year which saw double digit food inflation, a dramatic weakening in sterling, declining confidence in all consumer markets and the negative impact of a cost concealment issue at our Mineral Water business. Despite these headwinds, our Group has delivered constant currency growth in sales, profit and EPS. Our portfolio continues to work well in each of our core markets, we have a well financed balance sheet and we have made excellent early progress in our new North America Convenience Foods business - a strategy that will in time transform the scale, shape and returns of our Group.'

PRESENTATION OF RESULTS:

A presentation of results will be made to analysts and institutional investors at 9.00am on Tuesday, November 25, 2008 at The Conrad Hotel, Earlsfort Terrace, Dublin 2.

This presentation can be accessed live through the following channels: -- Webcast - details on http://www.greencore.com/ -- Conference call dial-in numbers -- +353 (0) 23 60297 -- +44 (0) 20 7138 0843 -- The participant code is 8269443 in both cases

Replay of the presentation will be available on http://www.greencore.com/. It will also be available through a conference call replay facility which will be available for one week - the replay dial in numbers are +353 (0)1 659 8321 and +44 (0)20 7806 1970. The replay passcode is 8269443#.

FOR FURTHER INFORMATION, PLEASE CONTACT: Patrick Coveney Chief Executive Officer Tel: +353 (0) 1 605 1045 Geoff Doherty Chief Financial Officer Tel: +353 (0) 1 605 1018 Eoin Tonge Capital Markets Director Tel: +353 (0) 1 605 1028 Billy Murphy / Anne-Marie Curran Drury Communications Tel: +353 (0) 1 260 5000 Rory Godson / Elizabeth Rous Powerscourt Tel: +44 (0) 207 250 1446 Dana Johnston Taylor Rafferty Tel: +1 212 889 4350 ABOUT GREENCORE GROUP -- A leading international producer of convenience food, as well as an established ingredients supplier with operations in Ireland, the UK, the US, The Netherlands and Belgium -- Strong market leadership positions in the UK convenience food market across sandwiches, prepared salads, sushi, chilled prepared meals, chilled soups & sauces, ambient sauces & pickles, cakes & desserts, mineral water and Yorkshire puddings -- Extending presence outside the UK with fast-growing convenience food businesses in the US, The Netherlands and Ireland -- The leading malt producer in Ireland, the UK and Belgium -- Significant property assets in Ireland and the UK SUMMARY(4)

The advantages of the Group's diversified food portfolio were strongly demonstrated during FY08. The excellent performance in the Group's Ingredients activities significantly offset a decline in our Convenience Foods division. The results were delivered in the context of an 11.6% depreciation in the average EUR/GBP exchange rate to 0.764 in FY08 (FY07: 0.675) which impacted the translation of operating profit by euro 8.1 million. In addition to the currency impact, the Group experienced significant input price inflation, a consumer slowdown particularly in...

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