In March 2024 it was announced that the Hong Kong-based hedge fund management firm held an approximately 5% stake in the convenience foods manufacturer, but that shareholding has now been increased.
According to the Financial Times, the move means that Oasis is now the largest single shareholder in Greencore.
Filings on the London Stock Exchange confirmed the move although Greencore declined to comment when approached by Food Manufacture.
Speaking to the Irish edition of The Sunday Times in March, head of Europe at Oasis Daniel Wosner said: "Oasis have been holders of Greencore for several years and are supportive of management and its strategy. We are aligned in our ambitions for the business, and we see significant opportunities for margin enhancement and value creation."
Progress in most recent results
Based in Dublin, Ireland, Greencore operates 16 manufacturing sites and 17 distribution centres in the UK.
In its results from H1 of the 2024 fiscal year published in May, Greencore reported a 6.4% year-on-year decline in revenue, although adjusted operating profit increased by almost 140%.
As a result, Greencore announced its target to return a further £50m to shareholders over next 12 months, commencing with a share buyback of up to £30m and if the business continues to trade as expected the board intends to declare a dividend for the year to September 2024.
Speaking at the time, the firm’s chief executive Dalton Philips said: “Greencore delivered excellent progress against its strategic priorities in the first half and continued to outperform the market in a difficult consumer spending environment.
“The group’s accelerating financial performance is very encouraging as we focus on driving profitability and returns. We are working with our major retail customers to develop new products and new offerings which are driving the growth of our Food to Go segment ahead of the market. We have exited low margin business and are undertaking a range of actions to increase the returns profile of each element of the portfolio.
“Notwithstanding this additional investment, and while our seasonally stronger second half is still ahead of us, we now expect FY24 adjusted operating profit in a range of £86-88m, ahead of current market expectations.”
