4th Aug 2010 - 00:00
Abstract
According to its latest preliminary results, Premier Foods said its brands are trading well in tough conditions with sales up 0.5% for the six months to 30 June 2010.
Highlights include operating profit up £40m to £67m, loss after tax is up £17m to £40m, and trading profit is down £7m to £110m. Chief executive officer, Robert Schofield commented on the findings: "These results reflect the actions we are taking in line with our trading strategy. Our principal brands are growing in both volume and market share and our gross margins have risen as we have improved product mix and delivered procurement gains and manufacturing efficiencies. "We are controlling costs tightly and have made good progress in strengthening our cash flow and reducing debt. Today we are setting out further details of our programme to diversify and strengthen our financial structure. With the foundations of the strategy in place and delivery on track, we are looking forward to the rest of the year with enthusiasm." Its brands include Hovis Bread, Mr Kipling, Bisto and Sharwoods.
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