Northern Foods has posted a 1.6% revenue increase for the first quarter, while revenue in those businesses not forming part of the group’s disposal programme grew by 4.5% over the prior year.
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The Pork Farms brand is still up for sale, while the food firm is also looking to offload its speciality breads division, NFT distributing company and other elements of its pastry division.
The disposal process, which started in May this year, is anticipated to take around 12-18 months, and intended to raise GBP200m (US$365.5m).
Northern Foods chairman Anthony Hobson said: “As expected, trading conditions continue to be very competitive and margins remain under pressure. As we indicated in May 2006, this trading environment and changes in customer delivery preferences from the first to the second half-year are anticipated to result in first-half profits being behind those of the comparable period.”
The company added that it is aiming to restore margins through a disposal programme, simplification of its chilled division, centre cost reduction and rigorous capital and cash management.
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