Business
Premier Foods 2015/16 Preliminary Results
Premier Foods 2015/16 Preliminary Results.
About this update from Premier Foods Plc
[{"type":"text","content":"\n \nRNS Number : 4032Y Premier Foods plc 17 May 2016 \n\n \n17 May 2016\nPremier Foods plc\n \n\n\n\n\nPreliminary results for the 52 weeks ended 2 April 2016\n\n\n\n\n \nQuarter 4 and Full Year sales trajectory provides strong platform to accelerate growth\n \n· Full Year Group sales +0.6%; Branded sales flat\n· Q4 Group sales up +1.4%; Branded sales up +1.0%\n· Trading profit3 £131.0m, in line with last year\n· Adjusted profit before tax5 increased +£2.9m to £86.1m\n· Adjusted earnings per share5 increased +4.6% to 8.3 pence\n· Net debt reduced to £534.2m from £584.9m - includes consolidation of Knighton\n· Improved overall IAS 19 pension schemes position\n· FY16/17 sales growth guidance raised to 2-4% \nPremier Foods today announces its Preliminary results for the 52 weeks ended 2 April 2016.\n \n\n\n\n\nGavin Darby, Chief Executive Officer\n\n\n\n\n\"We are very pleased to report sales growth both in the year and the fourth quarter in what continues to be a deflationary market. Our strategy of investing behind our brands and bringing new innovative products to market continues to deliver very positive results, with six of our major brands growing on average +3.4% in the year. The Sweet Treats business reported sales growth in every quarter of the year while the International business also displayed excellent progress during the year with sales up +18%6.\"\n \n\"Our adjusted earnings per share increased by +4.6% in the year, we reduced Net debt by over £50m and on an accounting basis our pension schemes have an improved financial position.\"\n \n\"We recently set out some additional strategic initiatives which we believe will further accelerate our growth and now expect to deliver sales growth of 2-4% in both FY16/17 and the medium term. The potential opportunities presented by our partnership with Nissin are also very exciting. The Board is focused on delivering shareholder value and we see a strong future for Premier Foods with its leading category posi...