Advertisement

Premier Foods first quarter sales up one per cent

Hovis bread and Mr Kipling cakes maker Premier Foods said first quarter sales, excluding Milling, increased one per cent as it sticks to full year guidance.

Hovis bread and Mr Kipling cakes maker Premier Foods said first quarter sales, excluding Milling, increased one per cent as it sticks to full year guidance.

Sales, excluding Milling, rose to £327m while Branded sales increased 2.2% in the three months ending March 31st 2013 after a 3.5% increase in Grocery Power Brand sales.

Advertisement - Article continues below

Chief Executive Officer Gavin Darby said: "The restructuring of our Bread business remains on track while the benefits of the previously announced £20m of overhead cost savings in 2013 are being delivered."

"Despite a continued challenging consumer environment, I believe we have the right strategies in place to make further progress this year, with expectations unchanged," he added.

The UK food producer said it believes the right strategies and plans are in place, including the delivery of cost savings, to make further progress in 2013.

Premier Foods said it remains on track to deliver the previously announced £20m cost savings in 2013.

Net debt expectations for 2013 remain unchanged, with recurring free cash flow generation in the year expected to be in the range of £40-60m.

CJ

Advertisement
Advertisement

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

How “support” and “resistance” can help you spot trading opportunities
Sponsored

How “support” and “resistance” can help you spot trading opportunities

Technical analysis can help traders manage risk and decide where to enter and exit a trade. One simple form of technical analysis is the concept of “s…
6 Jul 2020
House price crash: UK property prices are falling – so where next?
Property

House price crash: UK property prices are falling – so where next?

With UK property prices falling for the first time in eight years, are we about to see a house price crash? John Stepek looks at what’s behind the sli…
2 Jul 2020
An economics lesson from my barber
Inflation

An economics lesson from my barber

On reopening his shop after lockdown, Dominic Frisby’s barber doubled his prices. It’s all part of the post-Covid inflation process – and we’re going …
8 Jul 2020