Business
Interim Results
Interim Results.
About this update from Premier Foods Plc
[{"type":"text","content":"\n RNS Number : 1713C Premier Foods plc 28 August 2008 \n \n\nPremier Foods plc\n\nBuilding a platform for growth\n\nInterim results for the six months to 28 June 2008\n\n\n\n\n\n\n\n\nUnaudited\nsix months to\n28 June 2008\n£m\n\n\nUnaudited\nsix months to \n30 June 2007\n£m\n\n\n\nChange\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTurnover1\n\n\n1,290.1\n\n\n899.1\n\n\n43.5%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTrading profit2\n\n\n121.5\n\n\n101.5\n\n\n19.7%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOperating profit1\n\n\n47.8\n\n\n43.4\n\n\n10.1%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nProfit before tax1\n\n\n3.6\n\n\n5.1\n\n\n(29.4%)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdjusted profit before tax3\n\n\n60.0\n\n\n57.8\n\n\n3.8%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBasic (loss)/earnings per share1\n\n\n(0.1p)\n\n\n3.5p\n\n\n-\n\n\n\n\nAdjusted earnings per share3\n\n\n5.0p\n\n\n5.8p\n\n\n(13.8%)\n\n\n\n\n\n\n\n\nPro forma Group turnover up 7%4\n\n\nPrice rises achieved across the Group to recover cost inflation\n\n\nGroup trading profit2 in the first half in line with expectations\n\n\nSynergies of £26m delivered in first half\n\n\nGroup integration plan and synergy delivery accelerated\n\n\nHovis relaunch commenced\n\n\nOn course to deliver our profit expectations for the full year\n\n\nInterim dividend per share of 2.2p\n\n\n\n\nRobert Schofield, Chief Executive of Premier Foods plc, said:\n\n'Despite the challenging consumer environment that we find ourselves in, we have delivered our profit target. At the same time we have continued to lay down the foundations for Premier's transformation into a modern, integrated and very competitive UK food group. Our vision remains on track.\n\n'Specifically, the integration of RHM and Campbell's is now ahead of plan, and we have closed six out of the nine factories scheduled for closure. We are revolutionising our management systems with the seamless introduction of a single SAP IT platform. We have achieved the key price increases that were needed to recover input cost inflation seen to date and have continued to invest behind our unrivalled portfolio of brands and staple food products to ensure they prosper through the current difficult economic conditions.\n\n'Now we have commenced the rejuvenation of Hovis, our largest brand, with significant quality...