05 August 2009

Half Year Results to 27 June 2009

Premier Foods announces Half Year Results to 27 June 2009

Half year results for the six months to 27 June 2009

Trading profit growth and market share gains

Financial highlights
• Group turnover up 3.5% to £1,248.2m
• Group turnover excluding bulk flour up 6.2%
• Group trading profit up 5.6% to £123.6m
• Group operating profit £26.8m (H1 2008: £46.2m)
• Net debt reduced to £1,475m (June 2008: £1,806m) following successful fund raising
• On course to deliver our full year profit expectations

Operational highlights
• Premier’s Grocery division gains 1.6ppts market share in tough trading environment
• Key Grocery brands grew sales by 8.3%:
  o Sales of Branston up 41%
  o Sales of Loyd Grossman up 35%
  o Sales of Batchelors up 14%
  o Sales of Hartley’s up 12%
• Successful relaunch of Hovis bread continues
  o Sales up 17%
  o Market share up 3.6ppts to 26.3%, highest level for over two years

Robert Schofield, Chief Executive of Premier Foods plc, said:

"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.

“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.”

For the full statement please open the pdf document below.

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29 June 2009

Trading update for the half year ended 27 June 2009

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