STOCKS NEWS EUROPE-Greencore down on H1 numbers

Shares in Greencore (GNC.I) drop 6.7 percent after the Irish food company reports a 17.8 percent fall in first-half adjusted earnings per share to 7.4 euro cents, with Numis cutting its rating to "reduce" from "hold".

The company, which ranks itself as Britain's No.1 sandwich maker supplying supermarkets, garage forecourts and airlines, also saw operating profit fall 11.7 percent to 31.4 million euros ($43.9 million) in the half year to March 27, in line with Numis forecasts.

Greencore cuts its interim dividend to 3 cents per share from 5.3 cents.

"The stock still offers a yield of 7 percent but we find the EV/EBITDA multiple of 5.3 times a bit pricey given the negative outlook for malt," says the broker.

For more double click on [ID:nLP421096]

Reuters Messaging rm://david.brett.reuters.com@reuters.net