Greencore, the worlds biggest sandwich maker by volume, shed almost a third of its market value on Tuesday after announcing an unexpected profit warning and the restructuring of its US business.
Shares in the FTSE 250-listed group fell 30 per cent after the company, which makes roughly half of all sandwiches sold on the UK high street, downgraded its earnings forecast for the year to September to 14.7p to 15.7p a share, from a previous forecast of 15.7p to 16.6p.
The convenience food group also said it was restructuring its US unit in a move expected to cost roughly £3m. It said the weak performance of underused US factories, combined…
Read the full article at: https://www.ft.com/content/9b9c050e-26a9-11e8-b27e-cc62a39d57a0