Northern proves resilience

Reporting its results for the full year to the end of March, Northern said it had turned in a resilient performance in challenging economic conditions. Operationally, the group said it had successfully adapted its business to the current retail environment and growth in the discount sector with value products complementing its strength in the premium market. In particular, there was a strong performance in the chilled foods and and bakery businesses, reflecting what Northern said was its superior product offering, but growth in the frozen foods division had been adversely impacted by the strength of the Euro. Good sales growth increased annual revenue by 4.6% to £975.2 million (2007/08: £931.9m) while pre-tax profit fell to £47.5 million (2007/08: £50.1m) Chief executive Stefan Barden (pictured) said: "Northern Foods has delivered a resilient performance this year, in challenging economic conditions. We have successfully adapted the business to the current retail environment, whilst continuing to invest to enhance the trading position of the Group. We have much more to do, but year by year we are making Northern Foods a stronger and more sustainable business. "We anticipate that next year will be equally challenging, with the continuation of food inflation and competitive pressures. Our operational and financial strengths position us well to benefit when markets recover."