Premier toughing it out
1 min read
The Hovis bread to Oxo gravy group Premier Foods said today (4 August) that its brands were trading well in tough conditions in a half year when sales and profits dipped.
In the six months to the end of June, total sales were down 4.5% mainly owing to own label sales slumping 12.7%. Total sales for the period stood at £1.211bn, down from £1.268bn for the same period a year ago while adjusted pre-tax profit was 15.4% off at £33m (£39m).
Commenting on the results, CEO Robert Schofield said: "These results reflect the actions we are taking in line with our trading strategy. Our principal brands are growing in both volume and market share and our gross margins have risen as we have improved product mix and delivered procurement gains and manufacturing efficiencies. We are controlling costs tightly and have made good progress in strengthening our cash flow and reducing debt."
Premier Foods is the UK's largest food producer, manufacturing, selling and distributing a range of branded goods including Hovis, Mr Kipling, Batchelor's, Quorn, Bisto, Ambrosia, Sharwood's, Branston, Oxo, Hartley's and retailer branded foods. The business employs around 16,000 people and operates from over 60 sites across the UK and Ireland.
