Northern Foods has issued a mixed trading update for the first half of its financial year, with underlying sales expected to inch up by 2.6%.
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The UK group, maker of brands including Goodfella’s pizza and Grassington’s meat-free products, this morning (9 October) gave an update on its first-half performance before results are published next month.
Underlying sales from the company’s chilled business grew by 5.4% thanks to “strong” growth from its ready meals. Revenue from Northern Foods’ bakery business was up 2.8% after biscuit volumes “stabilized”, the company said.
However, the outlook is less rosy for the company’s frozen business, which saw sales dip 2.6% during the six months to 29 September.
Northern Foods said a “robust” performance from the Goodfella’s brand was offset by a “very disappointing” showing from its Dalepak meat grills business.
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By GlobalDataThe company added it expects higher commodity costs during the second half of its financial year. Raw materials costs could grow by up to 10%, Northern Foods said.
