07 October 2011

IMS for three months ended 30 September 2011




7 OCTOBER 2011

Premier Foods today reports trading results for the three months ending 30 September 2011.

  • Group results for Q3 significantly below our expectations
  •  Group total sales of £477m down 3.6%
  •  Value market share in Q3 declined by 1.9%
  •  Full Year trading profit expected to be below market expectations
  •  Constructive dialogue with banks on refinancing
  •  New CEO outlines initial steps to restore profitable growth

Michael Clarke, Chief Executive Officer, comments:

“I’ve covered a lot of ground during my first weeks with Premier Foods and am convinced that there are substantial opportunities here but there are also significant challenges that we have to overcome.  We have brands that consumers like and talented, passionate people who are determined to turn the business around.

“While the current trading performance continues to be disappointing and significantly behind our expectations, we have already identified a number of steps to build a more profitable business. These include focusing on 8 ‘Power Brands’, strengthening our sales and marketing execution and reducing our cost structure.

“Our immediate priority is to conclude discussions with the banks to revise our banking covenants and put in place refinancing facilities. This process is well underway and we are hoping to reach a successful conclusion in due course.

 “I will share further details about our key priorities at our Full Year results presentation, early in 2012.” 

The full IMS can be viewed below:

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23 August 2011

Premier Foods announces new Group Sales Director

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