29 June 2009
Premier Foods releases a Trading update for the half year ended 27 June 2009.
Premier Foods plc is pleased to report that trading over May and June has continued in line with the trends seen in the first four months of 2009, as reported in our Interim Management Statement released on 12 May 2009.
Sales for our Grocery division continued to see good growth driven by 2008 pricing actions with growth in market share supported by new product launches and strong promotional activity. Sales in our bread business continued to see excellent sales and market share growth as we continued to invest behind Hovis. Although sales of bulk flour were lower than last year due to the previously announced exit from a low margin flour contract, bulk flour profitability has been unaffected. The Chilled division continued to see good sales growth of both Quorn and retailer branded products although profitability has been reduced by the high level of marketing investment and increased manufacturing costs in the Meat free business. Integration synergies remain on track.
Our expectations for sales and profit for the half year and the full year are unchanged.
Restated segmental information reflecting the changes in our divisional structure previously announced have been published on our website today.
Our results for the half year to 27 June 2009 will be announced on Wednesday, 5 August 2009. A presentation to analysts will take place at 9.00am and the presentation will be available via webcast at www.premierfoods.co.uk.
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