The UK's largest food manufacturer Premier Foods said first quarter results were in line with company expectations despite the ongoing challenging consumer environment.
"It continues to be very challenging and our focus for 2012 remains unchanged; to stabilise the business and invest in our recovery," it said in a company statement.
The group, behind household favourites such as Hovis, Ambrosia and Mr Kipling, said group sales rose 1.3% to £427m for the three months ending 31 March 2012 and Power Brand sales increased 3.7%.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Full year expectations remain unchanged and cost reduction & restructuring programme on track.
Chief executive officer Michael Clarke said, "We are driving sustainable sales and improving market shares by focusing investment behind our eight Power Brands, improving customer collaboration and reducing costs."
Clarke said the group has a solid programme in the second quarter to support Power Brands sales including further advertising, targeted promotions and new product innovation such as the Hovis Farmer's Loaf, Batchelors Deli-Box, Ambrosia rice snack pots and a limited edition range of Mr.Kipling cakes celebrating the Queen's Diamond Jubilee.
CJ
-
UK-US trade deal announced: US cuts tariffs on UK car imports to 10%Keir Starmer and Donald Trump have announced a UK-US trade deal, but the US president has refused to lift baseline tariffs on most UK goods. What does it mean for the UK?
-
How to use mid-caps to diversify from the USMedium sized companies are overlooked by investors but could offer an attractive ‘sweet spot’. We consider the case for mid-caps amid market volatility.
