Business
Full Year Results
Full Year Results.
About this update from Premier Foods Plc
[{"type":"text","content":"\n \nRNS Number : 2069F Premier Foods plc 16 May 2017 \n\n16 May 2017\nPremier Foods plc\n \n\n\n\n\nPreliminary results for the 52 weeks ended 1 April 2017\n\n\n\n\n \n \n\n\n\n\nUnderlying results1\n\n\nFY16/17\n\n\nFY15/16\n\n\nChange (%)\n\n\n\n\nGroup underlying sales (£m)3\n\n\n790.4\n\n\n801.3\n\n\n(1.4%)\n\n\n\n\nUnderlying Trading profit (£m)4\n\n\n117.0\n\n\n129.1\n\n\n(9.3%)\n\n\n\n\nAdjusted profit before tax (£m)9\n\n\n74.2\n\n\n84.2\n\n\n(11.8%)\n\n\n\n\nAdjusted earnings per share (pence)11\n\n\n7.2\n\n\n8.1\n\n\n(12.2%)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nStatutory measures\n\n\nFY16/17\n\n\nFY15/16\n\n\nChange (%)\n\n\n\n\nRevenue (£m)\n\n\n790.4\n\n\n771.7\n\n\n2.4%\n\n\n\n\nOperating profit (£m)\n\n\n61.5\n\n\n54.5\n\n\n12.7%\n\n\n\n\nProfit/(loss) before taxation (£m)\n\n\n12.0\n\n\n(13.0)\n\n\n-\n\n\n\n\nBasic earnings per share (pence)\n\n\n0.7\n\n\n4.1\n\n\n(82.9%)\n\n\n\n\n \nHeadlines\n \n· Full year Group underlying sales (1.4%) lower; Q4 Group underlying sales down (1.0%)\n· Market share growth in six of eight largest brands \n· International sales increased +18%\n· Underlying Trading profit £117.0m compared to £129.1m in FY15/16\n· Adjusted profit before tax £74.2m; Statutory profit before tax £12.0m\n· Net debt13 reduced to £523.2m from £534.2m\n· Pensions combined surplus £104.8m; Net present value of deficit contribution schedule £300-£320m\n \n \nStrategic update\n \n· A balanced approach across revenue growth, cost efficiencies and cash generation\n· UK to grow ahead of category levels through continued brand investment and innovation\n· International business unit to continue delivering strong double-digit sales growth\n· Exciting Cadbury and Nissin strategic partnerships significantly enhance growth ambitions\n· Substantial cost savings programmes to del...