Premier Foods sales up
Premier Foods said on Tuesday that its group sales had risen 6.3 per cent in the 17 weeks ended 26 April. The company said that it had increased its prices in order to recover the cost of higher commodities.
Premier Foods cuts dividend and rejigs debtPremier Foods said that its rejuvenation programme for Hovis was on track and that the integration of RHM and Campbell's was continuing to plan.
The company said that group trading profit was in line with its expectations.
Robert Schofield, chief executive, said, "We are pleased by our progress so far this year and trading is in line with our expectations. The Group's activities in the first four months of 2008 were dominated by three key themes. Firstly, we have made good progress in recovering commodity inflation through a combination of price increases and cost savings.
"Secondly, the integration of RHM and Campbell's continues apace with the focus now shifting to the manufacturing integration. Preparations for the transfer of production are progressing well and we now intend to close all seven remaining plants in the programme by the end of 2008. In addition, we have successfully installed the core elements of our new SAP management information system in our Grocery division, which will deliver significant benefits in managing our production and our client relationships.
"Thirdly, we are pressing ahead with a fundamental rejuvenation of Hovis, which will be unveiled in the second half. This will reinvigorate one of Britain's finest food brands with benefits for the Company and consumers alike."
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