Badly sliced sarnie

The world’s biggest sandwich maker took a £390million hit yesterday after issuing a surprise profit warning. Shares in Greencore, which churns out 1.5billion sarnies a year plus 180million ready meals, tumbled 30% – their biggest ever one-day slump. The fall came after the industry giant, which makes products for other firms, announced a shake-up of its US arm. Greencore bought Peacock Foods in 2016, but it is halting fresh food production at one factory and overhauling management. Bosses warned its full-year earnings per share would be down as a result.

Russ Mould, investment director at finance company AJ Bell, said: “It is never a good look for a company to warn on profits a matter of weeks after reporting everything was on track.”