Shares in convenience food giant Greencore slumped 6% this week to £2.13 after the company announced weaker than expected third quarter results.
On Monday, Greencore reported a 3% decline in third quarter sales to £365m, claiming the weaker performance was a result of site disposals and business exits.
Greencore also blamed the “challenging” trading environment currently facing UK supermarkets for the drop in sales.
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Glanbia
Meanwhile, Glanbia shares plunged almost 20% this week after the company issued a profit warning on Wednesday morning. Glanbia shares fell to five-year lows below €11 on Thursday as investors took a dim view of its half year financial results.
The company reported a 12% rise in sales to almost €1.8bn for the first half of its financial year. Despite the rise in half year sales, the company was forced to reduce its profit outlook for the full financial year due to ongoing weakness in its performance nutrition division.
Lowest
Glanbia shares are now down 40% from highs of €19 in March. This is the lowest level Glanbia shares have traded since October 2014. More than €2.3bn has now been wiped off the value of Glanbia plc since March. With Glanbia Co-op owning 31.5% of the plc, that sees the co-op taking a €800m hit on the value of its stake in the plc.
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Shares in convenience food giant Greencore slumped 6% this week to £2.13 after the company announced weaker than expected third quarter results.
On Monday, Greencore reported a 3% decline in third quarter sales to £365m, claiming the weaker performance was a result of site disposals and business exits.
Greencore also blamed the “challenging” trading environment currently facing UK supermarkets for the drop in sales.
Glanbia
Meanwhile, Glanbia shares plunged almost 20% this week after the company issued a profit warning on Wednesday morning. Glanbia shares fell to five-year lows below €11 on Thursday as investors took a dim view of its half year financial results.
The company reported a 12% rise in sales to almost €1.8bn for the first half of its financial year. Despite the rise in half year sales, the company was forced to reduce its profit outlook for the full financial year due to ongoing weakness in its performance nutrition division.
Lowest
Glanbia shares are now down 40% from highs of €19 in March. This is the lowest level Glanbia shares have traded since October 2014. More than €2.3bn has now been wiped off the value of Glanbia plc since March. With Glanbia Co-op owning 31.5% of the plc, that sees the co-op taking a €800m hit on the value of its stake in the plc.
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