Greencore 'not aware' of why its share price is weaker

Greencore Group was forced to respond to recent weakness in its share price on Thursday, confirming it was not aware of “any developments” since the release of its third quarter trading statement on 27 July that changed the outlook contained in that statement.

The FTSE 250 firm said that, as outlined in that statement, the integration of its US business remained on track and the board continued to be encouraged by the pipeline of commercial opportunities being explored with existing and new customers.

“The group notes there has been some level of churn in the legacy retail part of the US business,” the board explained in its statement.

“Specifically, it has decided to refocus its Jacksonville, Florida site on fresh product offerings and will withdraw from current frozen product production on that site.

“This change is being managed seamlessly with the relevant customers and the Board anticipates that the impact on profitability will be minimal.”

Greencore said it plans to issue its next trading update on the release of its full year results on 28 November.