UK food firm Northern Foods has issued a profit warning and said that its chief executive Jo Stewart has resigned.
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The company said group chairman Peter Blackburn has assumed the role of executive chairman pending the appointment of a new chief executive.
Northern Foods, which makes own-label ready meals for some of the UK’s leading supermarket chains, said grocery profits in the first half are expected to be ahead of the comparable period last year, despite the anticipated impact of weak biscuit trading.
However, the company also said performance in its convenience foods business “has reflected very challenging trading conditions, including business transfers to competitors, the negative effects of the extremely hot summer and margin pressures caused by raw material cost inflation”.
As a result, Northern Foods said it expected group pre-tax profit for the first half, before goodwill amortisation and exceptional items, to be significantly lower than in the year-ago period. The company expects to announce its first-half results on 11 November.
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By GlobalDataThe company gave a more positive outlook for the second half, forecasting profit around the same level as the year-ago period.
