News

Profits dip at Premier Foods, prices hiked

28 August 2008 08:06:00

Profit before tax from continuing operations fell 29% to £3.6m at Branston pickle and Hovis bread Premier Foods in the first half.

Despite that drop, a near-20% increase in trading profit to £121.5m matched forecasts. Turnover for the six months to 28 June rose 43.5% to £1.29bn, reflecting a full six months of trading from RHM, bought in March 2007, and higher prices implemented to cover rising raw material costs.

"Our expectations for the year as a whole remain unchanged, with progress weighted towards the second half as the benefit of all these fundamental actions begin to flow through," said CEO Robert Schofield.

"Our expectations for the year as a whole remain unchanged, with progress weighted towards the second half."

He added that the integration of RHM and Campbell's is ahead of plan and six out of the nine factories scheduled for closure have now shut down.

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