Bottom Line: Greencore deserves smoother future
Wednesday 14 July 1993
The price, 300p, was 25p more than the 275p at which J&E Davy, the Dublin stockbrokers, fouled up the placing of the Irish government's stake two months ago.
That debacle led to Bank of Ireland taking its stake and left Greencore with a fresh overhang in its shares.
Greencore has been dogged by controversy since its privatisation and flotation in 1992. But all the argy-bargy has had absolutely nothing to do with the new management or with the fundamentals of the business - these are perfectly sound.
A controversial past has left the company languishing on a prospective p/e of about 10, cheap enough by UK food sector standards, based on analysts' forecasts of pre- tax profits approaching pounds 34m this year.
The chief executive, Gerry Murphy, and finance director, Kevin O'Sullivan, both have impeccable credentials, having come respectively from Grand Met and Hillsdown.
They are anxious to move the business on and are joining in the march on UK and Continental markets being made successfully by other Irish food companies such as Avonmore, Waterford Foods and Kerry Group. Forget the bumpy past and buy cheaply into what should now be a smoother future.
Is your name now 'banned' in Saudi Arabia?
Seth Rogen compiles list of all the celebrities he’s got high with
Oscar Pistorius trial: Photographs of Paralympian splattered in blood after Reeva Steenkamp shooting shown in court
Missing Malaysia Airlines Flight MH370: Satellite ‘pings sent five hours after contact was lost' the only clue in hunt for £160m plane
Missing Malaysia Airlines Flight MH370: New radar evidence suggests missing plane may have been hijacked
Katie Hopkins continues campaign to become Britain's most hated talking head with poorly timed Bob Crow tweet
No EU referendum under Labour: Ed Miliband to reveal that vote on membership is ‘unlikely’ in next Parliament if party wins power
Grace Dent: Who cares if she spells it Barraco Barner? Gemma Worrall is more employable than some bookish arts graduate
Europeans have ‘got whiter’ due to natural selection in past 5,000 years, scientists say
Fracking is turning the US into a bigger oil producer than Saudi Arabia
The rise of Ukip: Study warns Labour that Eurosceptic party's electoral base now 'more working class than any of the main parties'
- 1 Is your name now 'banned' in Saudi Arabia?
- 2 Best films on Netflix: 32 movies that will put an end to your scrolling
- 3 Istanbul protesters take 'Ellen selfie' from the back of a police van
- 4 Missing Malaysia Airlines Flight MH370: Jet ‘hi-jacking’ began soon after take-off
- 5 Lady Gaga has struggled with eating disorders in the past, so it's indefensible that she's glamourising bulimia in her SXSW set
iJobs Money & Business
£35000 - £43000 per annum + Bonus and Benefits: Harrington Starr: A global lea...
£50000 - £60000 per annum: Harrington Starr: Linux Systems Administrator - UNI...
£32000 - £36000 per annum + generous benefits: Pro-Recruitment Group: * TAX * ...
£37000 - £40000 per annum + £20000 benefits package: Pro-Recruitment Group: **...