Business
Half Yearly Results for six m
Half Yearly Results for six m.
About this update from Premier Foods Plc
[{"type":"text","content":"\n RNS Number : 8867W Premier Foods plc 05 August 2009 \n \n\nPremier Foods plc\n\nHalf year results for the six months to 27 June 2009\n\nTrading profit growth and market share gains\n\nFinancial highlights\n\n\n\nGroup turnover1 up 3.5% to £1,248.2m\n\n\nGroup turnover1 excluding bulk flour up 6.2%\n\n\nGroup trading profit1,2 up 5.6% to £123.6m\n\n\nGroup operating profit1 £26.8m (H1 2008: £46.2m)\n\n\nNet debt reduced to £1,475m (June 2008: £1,806m) following successful fund raising\n\n\nOn course to deliver our full year profit expectations\n\n\n\nOperational highlights\n\n\n\nPremier's Grocery division gains 1.6ppts market share in tough trading environment\n\n\nKey Grocery brands grew sales by 8.3%:\n\n\nSales of Branston up 41%\n\n\nSales of Loyd Grossman up 35%\n\n\nSales of Batchelors up 14%\n\n\nSales of Hartley's up 12%\n\n\n\n\n\n\n\nSuccessful relaunch of Hovis bread continues\n\n\nSales up 17% \n\n\nMarket share up 3.6ppts to 26.3%, highest level for over two years\n\n\n\n\n\nRobert Schofield, Chief Executive of Premier Foods plc, said:\n\n'Now that we have substantially completed the integration of RHM and Campbell's and successfully refinanced the Group, we have been able to embark on targeted investment behind our key market-leading brands. Against the backdrop of an exceptionally tough trading environment, we are pleased with our progress with increased market share through co-ordinated programmes of innovation, advertising and promotional activity. We are delighted by the continued success of Hovis which has grown its sales by 17% and reached its highest market share for over 2 years. \n\n'We expect the consumer environment to remain tough but we will continue to invest in and support our brands to drive market share growth. Cost inflation remains an issue which we will continue to offset through pricing and efficiency savings. Our integration programme, which is nearing completion, remains on track. We continue to focus on cash generation and debt reduction and we are on course to deliver our full year profit expectations.' \n\n\n\n\n\n\n\n\n\nUnaudited\nHalf year to\n27 June 2009\n£m\n\n\nUnaudited\nHalf year to\n28 June 2008\n£m\n\n\n\nChange\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n Turnover1\n\n\n1,248.2\n\n\n1,205.7\n\n\n3.5%\n\n\n\n\n\n\n...